Mubyarto Mubyarto(1*)

(1) Universitas Gadjah Mada
(*) Corresponding Author


The Indonesian economy in the year 2000 grew 4,77 percent after only 0,23 percent growth in the previous year, due to the strong growth of physical investment and export. Any economy that is growing 5 percent a year with inflation below 10 percent is certainly not in crisis condition. However, the “complete loss of investor confidence” indeed has not restored because of political uncertainty and insecurity. The paper argues that the dualistic nature of the Indonesian economy and the important role of the ekonomi rakyat (people’s economy) is instrumental in explaining the phenomena. Another phenomenon that must be considered is the wide regional variation, meaning that the economic and monetary crisis affecting Java’s economy negatively, may become “bonanza” to other regions producing export commodities. The regional variation especially in the Human Development Index also means that indeed backward regions should be able to learn from other regions having better quality of human resources. Finally lessons can be learned from countries like India and China that has not liberalized their economy too far. The 1997 crisis has taught a hard lesson to Indonesia.


Crisis, Ekonomi Rakyat, Liberalization, Human Resources Development

Full Text:



H.W. Arndt & Hal Hill, Southeast Asia’s Economic Crisis: Origins, Lessons, and The Way Forward, ISEAS, Singapore, 1999.

ESCAP, The Impact of Globalization on Population Change and Poverty in Rural Areas, New York,1999.

Geoff Forrester & R.J. May (eds.), The Fall of Soeharto, Select Books, 1999.

Abdul Kalam & Y.S. Rajan, India 2020: A Vision for The New Millenium, Viking, 1998.

ESCAP, Economic and Social Survey of Asia and The Pacific 2000, New York, 2000.

Kalam, Abdul & Y.S. Rajan, India 2020, New Delhi,2001

Ross H McLeod & Ross Garnant (eds.), East Asia in Crisis: From being a Miracle to Needing One?, Routledge, 1998. Mubyarto, Membangun Sistem Ekonomi, BPFE, 2000.

Mubyarto, Krisis Ekonomi, Pemberdayaan Ekonomi Rakyat, dan Sakerti 2000, PPK-UGM, Yogyakarta, 2000.

Mubyarto, Prospek Otonomi Daerah dan Perekonomian Indonesia Pasca Krisis Ekonomi, BPFE, 2001.

Shubhashis Gangopadhyay & Wilima Wadhwa (eds), Economic Reforms For The Poor, Konark Publisher PVT LTD, New Delhi, 2000.

Smith, Anthony L (ed), Gus Dur and The Indonesian Economy, Singapore, 2001

Article Metrics

Abstract views : 2082 | views : 52224


  • There are currently no refbacks.

Copyright (c) 2001 Journal of Indonesian Economy and Business

Creative Commons License
This work is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License.

Journal of Indonesian Economy and Business


Editorial Team
Focus and Scope
Peer Review Process
Publication Ethics
Screening for Plagiarism


Author Guidelines
Submission Guidelines
Online Submissions
Copyright Notice
Privacy Statement
Author Fees


Author Pack
Submission Form & Manuscript Template



Reviewer Guidelines
Reviewer Acknowledgement



General Search
Author index
Title index



The Journal of Indonesian Economy and Business (print ISSN 2085-8272; online ISSN 2338-5847) is published by the Faculty of Economics and Business Universitas Gadjah Mada, Indonesia. The content of this website is licensed under a Creative Commons Attribution-ShareAlike 4.0 International License

© 2019 Journal of Indonesian Economy and Business 
 Visitor Statistics