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Indonesia: From Showcase to Basket Case

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  • Pincus, Jonathan
  • Ramli, Rizal

Abstract

The repercussions of the East Asian financial crisis have been the most severe in Indonesia, a country long regarded as one of the developing world's greatest success stories. Although triggered by external factors, the roots of the economic collapse can be traced to a series of policy errors and to the nature of economic policymaking under Suharto. The article reviews the factors leading to the intensification of the crisis, including the attempt of a weak, 'patrimonial' Indonesian state to carry out a wide-ranging program of financial liberalization. The reforms failed to dismantle the patron-client system and increased the risks of financial crash. Copyright 1998 by Oxford University Press.

Suggested Citation

  • Pincus, Jonathan & Ramli, Rizal, 1998. "Indonesia: From Showcase to Basket Case," Cambridge Journal of Economics, Oxford University Press, vol. 22(6), pages 723-734, November.
  • Handle: RePEc:oup:cambje:v:22:y:1998:i:6:p:723-34
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    Cited by:

    1. Gellert, Paul K., 2005. "The Shifting Natures of "Development": Growth, Crisis, and Recovery in Indonesia's Forests," World Development, Elsevier, vol. 33(8), pages 1345-1364, August.
    2. Andrew Sumner, 2006. "Why Are We Still Arguing about Globalisation," Working Papers id:538, eSocialSciences.
    3. Michael T. Rock, 2003. "The Politics of Development Policy and Development Policy Reform in New Order Indonesia," William Davidson Institute Working Papers Series 2003-632, William Davidson Institute at the University of Michigan.
    4. Wetterberg, Anna, 2007. "Crisis, Connections, and Class: How Social Ties Affect Household Welfare," World Development, Elsevier, vol. 35(4), pages 585-606, April.

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