Acronyms and Economic Chaos
In his Independence Day address on 17 August 1957, Sukarno laid down the ideology of guided democracy, later renamed Manipol (Political manifesto). This was later expanded into the ideology known as USDEK — standing for the 1945 Constitution, Indonesian socialism, guided democracy, guided economy and Indonesian nationalism.
On 25 August 1959, the government implemented sweeping anti-inflationary measures, devaluing the currency by 75 percent and declaring that all Rp500 and Rp1000 notes would henceforth be worth one tenth of their face value. Meanwhile, anti-ethnic Chinese measures, including repatriations and forced transfer to cities, damaged economic confidence further. However, by 1960, inflation had reached 100 percent per annum.
Read more about this topic: Guided Democracy In Indonesia
Famous quotes containing the words economic and/or chaos:
“Just as men must give up economic control when their wives share the responsibility for the family’s financial well-being, women must give up exclusive parental control when their husbands assume more responsibility for child care.”
—Augustus Y. Napier (20th century)
“I say to you: we must still have chaos within us to be able to give birth to a dancing star. I say to you: you still have chaos within you.”
—Friedrich Nietzsche (1844–1900)