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Guided Democracy and Economic Nationalism (1950–1965)

In: The Political Economy of Indonesia’s Economic Development, Volume I

Author

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  • Sangaralingam Ramesh

    (University of Oxford and University College London)

Abstract

This chapter analyses Suharto’s New Order regime, characterized by political repression and rapid economic growth. It focuses on macroeconomic stabilization, foreign investment, and technocratic governance, which delivered sustained growth and poverty reduction. The regime used oil revenues and infrastructure investment to modernise agriculture and promote export-oriented industrialization. However, the chapter also details the rise of crony capitalism, corruption, and regional inequality. The developmental gains of the New Order were undermined by authoritarianism, lack of accountability, and over-reliance on external debt and natural resources. These contradictions would explode during the Asian Financial Crisis.

Suggested Citation

  • Sangaralingam Ramesh, 2025. "Guided Democracy and Economic Nationalism (1950–1965)," Springer Books, in: The Political Economy of Indonesia’s Economic Development, Volume I, chapter 0, pages 335-354, Springer.
    • Handle: RePEc:spr:sprchp:978-3-031-94350-8_9
    DOI: 10.1007/978-3-031-94350-8_9
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