2008 financial crisis in USA cannot be analyzed without considering the challenge of developing economies (especially the emerging economies of Asia) in the manufacturing goods. The competitive advantage shifted from developed to the developing countries has resulted in rising profits in service sectors, accelerating de-industrilisation in developed countries. So, new financial instruments and more liberalisation in financial markets are required in order to enhance and direct demand for non tradables. Financial bubbles are the outcome of changing competitiveness among the global players and the real reasons for financial crises should be sought in global manufacturing activities.
Key words: Financial Crises, Financial Bubbles, Financial Globalization, Overproduction, Emerging Economies of East and South East Asia.
JEL Classification: F44, F65, G01
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