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Some insight into Ma’rufnomics

Paul Sutaryono

The Jakarta Post

Jakarta  /  Sun, July 14, 2019  /  06:22 pm
Some insight into Ma’rufnomics

Ma'rufnomics: Indonesia's New Economy (JP/Paul Sutaryono)

Throughout Indonesia’s history, the country’s economic model has proven malleable in accordance with the interests of the governing regime. From 1945, the Sukarno regime espoused a model dubbed the Berdikari Ekonomi (Self-Reliance Economy). This model was supposedly the practical manifestation of Sukarno’s socialistic ideology known as Marhaenism, in which a society must prioritize the production of enough goods to support itself first. When dictator Soeharto rose to power in 1968, the approach to developing the Indonesian economy took another turn. Soeharto’s New Order regime put a heavy focus on developmentalism, which needed the support of national stability and high economic growth. While Soeharto’s economic plan might look good on paper, in its practical development, it led to a high level of corruption, something that was corrected by B.J. Hab...