Pancasila Economic System
Based on the Constitution of 1945 Indonesia adhere Pancasila Economic System. This system firstly promoted by Emil Salim and Mubyarto , Pancasila Economic system is an economic system based on the values of Pancasila and Constitution of 1945, emphasizing in the principle of kinship and deliberation, agreement. This is stated in Article 33, Constitution of 1945 verse 1:
“The economy is structured as a joint effort based on the principle of kinship” .
And verse 4:
“The national economy shall be organized based on economic democracy with the principle of togetherness, efficiency with justice, sustainability, environmental-oriented, independence, and altogether balancing and national economic unity”
From the verse, we can clearly see that Indonesian
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The government also can regulate the economy in order to achieved shared and fair prosperity to its entire people. However, although still using to the constitution of 1945 as its foundation, each and every single regime has its own style, according to the political trend and who led the country during those eras. Those distinctive features to an extent also reflected into the chosen economic system in each regime.
1. Old Regime Era
The characteristic of this Old Regime is the high spirit of nationality and independence as well as sense of pride and empowerment from finally became liberated. This nuance was also reflected to the economic system of Indonesia, proven by Old Order economic motto, Berdikari “Berdiri di Kaki Sendiri” (Stand on Our Own Feet), implies the will to become independence.
Although its positive spirits, Indonesia had to deal with many challenges a new independent country had to face. A few examples are:
1. High inflation caused by the usage of more than one currency post-independence. Those currencies are De Javasche Bank, East-Indies, NICA and Japanese currency.
2. Import-Export Blockade by the Dutch
3. Indonesia did not have national
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Therefore, not long before he came into power he tried to steer Indonesia to become more economically liberalistic, as a way to gain enough capital to develop the country because of failed socialist-streaked economy in Soekarno era. The realization of his presidency’s tendency toward liberal economy was proven when the Berkeley Mafia, a board of selected US-Graduate economists, chosen by President Soeharto, held an Indonesian Investment Conference with many global capitalists in Geneva. This conference resulted to the passing of Law regarding Foreign Investment. This law which was formulated together with global capitalists really supported and eased up for foreign investors to invest in Indonesia. President Soeharto also forged cooperation with
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