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:
“The bourgeois takes economic power very seriously, and often worships it quite unselfishly.”
—Nicolai A. Berdyaev (1874–1948)
“To study history means submitting to chaos and nevertheless retaining faith in order and meaning. It is a very serious task, young man, and possibly a tragic one.”
—Hermann Hesse (1877–1962)