SHERP

Indonesia’s Economic Performance under Soeharto’s New Order

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Authors
Wie, Thee Kian
Issue Date
2007
Publisher
Seoul Journal of Economics
Citation
Seoul Journal of Economics 20 (No. 2 2007): 263-282
Keywords
Rapid and sustained growthAbsolute povertyRelative inequalityErosion of political legitimacy
Abstract
This paper describes the rapid and sustained economic
growth which Indonesia achieved during the three decades of
President Soeharto’s New Order rule. Rapid economic growth
was accompanied by rapid social development and a steep
reduction in absolute poverty. From being the ‘chronic
underperformer’ in Southeast Asia in the early 1960s, Indonesia
by the early 1990s had become one of the high-performing
Asian economies (HPAEs). However, by the late 1980s the New
Order’s political legitimacy had eroded as the regime became
more blatantly corrupt and self-serving. In economic policy this
was reflected by an erosion in fiscal discipline as off-budget
expenditures outside the control of the Department of Finance
were spent on ambitious development projects the economic
viability of which were questionable. The New Order collapsed
when it was unable to deal effectively with the Asian economic
crisis.
ISSN
1225-0279
Language
English
URI
http://hdl.handle.net/10371/1382
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of EconomicsSeoul Journal of Economics vol.20(2) (Summer 2007)
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