From Inward Looking to Outward Looking: Dynamics of Indonesian Economic Policy during the New Order Era [chapter]

Femmy Roeslan, Susanto Zuhdi
2019 Proceeding of The 13th International Conference onMalaysia-Indonesia Relations (PAHMI)  
The period of the New Order, which held power for more than 32 years, was the longest government regime in the history of post-independence Indonesia. Rapid economic progress in this era allowed Indonesia to shift from a group of low-income countries in the mid-1960s to middle-income groups in the early 1990s. During the New Order, there were two oil booms, namely in 1974 and in the 1979/80 periods. Blessing of this oil had accelerated Indonesia's economic growth. Previous studies showed that
more » ... e New Order had brought about changes in fundamental economic thought, from relatively closed and nationalist to more open. This study aims to examine the dynamics of changes in industrialization strategies during the New Order. Furthermore, it will be discussed why there is a change in strategy from inward-looking to outward-looking and how these changes can arise. This study will exercise a multi-disciplinary approach, namely, economic development and history.
doi:10.2478/9783110680003-005 fatcat:zjbrnbrncbavtdofh7mz4xzjyu