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Jakarta Post

Footprints of a New Order economic czar

  • Harry Bhaskara

    Contributor

Jakarta   /   Sun, October 23 2011   /  05:00 am

The book’s launch could not have been better timed. Economic crises in rich countries are making headlines, and here is a book about how Indonesia rode out a crisis of its own.

Scanning the news while delving into Indonesia’s economic crisis in the 1960s is a rare treat.

Indonesia had endured a terrible state budget deficit, inflation and widespread unemployment similar to what rich countries are faced with today, on top of its more acute food scarcity and poverty problems.

The US, UK and Europe are suffering from an enormous overhang of accumulated debt just like Indonesia was in the 1960s.

As early as the 1980s, Widjojo Nitisastro was convinced that the world economy was freewheeling into stagnation.

The US and European economies today are projected to grow less than two percent this year, and global recession is imminent.

Widjojo urged w...