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Indonesias Economic Performance under Soehartos New Order

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Authors
Wie, Thee Kian
Issue Date
2007-04
Publisher
Institute of Economic Research, Seoul National University
Citation
Seoul Journal of Economics, Vol.20 No.2, pp. 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 Soehartos 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

Orders 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
https://hdl.handle.net/10371/1382
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College of Social Sciences (사회과학대학)Institute of Economics Research (경제연구소)Seoul Journal of Economics (SJE)Seoul Journal of Economics vol.20(2) (Summer 2007)
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