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 labor of women in the house, certainly, enables men to produce more wealth than they otherwise could; and in this way women are economic factors in society. But so are horses.”
—Charlotte Perkins Gilman (1860–1935)
“To the indefinite, uncertain mind of the American radical the most contradictory ideas and methods are possible. The result is a sad chaos in the radical movement, a sort of intellectual hash, which has neither taste nor character.”
—Emma Goldman (1869–1940)