Capitalism, Oligarchic Power and the State in Indonesia

Abstract

[The Asian economic crisis that began in Thailand in mid-1997 precipitated a chain of events that eventually led to the downfall of Indonesia's Soeharto — one of the last of the great Cold-War-era dictators. The end of Soeharto's 32-year rule in 1998 signalled the close of a major chapter in the recent history of Indonesia, as the framework for organising economic and political power that he had carefully crafted proved unsustainable in his absence. The heavily controlled state corporatist system soon unravelled, as the once powerful business conglomerates that had prospered also crashed under the weight of payments on gargantuan loans. It is not yet dear whether it is possible for some of t..