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Copyright © Cambridge Political Economy Society

research-article

Indonesia: from showcase to basket case

Jonathan Pincus and Rizal Ramli

School of Oriental and African Studies London
Econit Advisory Group, Jakarta

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 policy-making 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 programme of financial liberalisation. The reforms failed to dismantle the patron-client system and increased the risks of financial crash.

Manuscript received July 13, 1998;
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