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Pathways to Industrialization in the Twenty-First CenturyNew Challenges and Emerging Paradigms$
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Adam Szirmai, Wim Naudé, and Ludovico Alcorta

Print publication date: 2013

Print ISBN-13: 9780199667857

Published to Oxford Scholarship Online: May 2013

DOI: 10.1093/acprof:oso/9780199667857.001.0001

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PRINTED FROM OXFORD SCHOLARSHIP ONLINE (oxford.universitypressscholarship.com). (c) Copyright Oxford University Press, 2021. All Rights Reserved. An individual user may print out a PDF of a single chapter of a monograph in OSO for personal use. date: 26 January 2021

Indonesian Industrialization: A Latecomer Adjusting to Crises

Indonesian Industrialization: A Latecomer Adjusting to Crises

(p.193) 7 Indonesian Industrialization: A Latecomer Adjusting to Crises
Pathways to Industrialization in the Twenty-First Century

Haryo Aswicahyono

Hal Hill

Dionisius Narjoko

Oxford University Press

Indonesia, the largest economy in South East Asia, has an unusual economic and industrial history, with its post-1945 independent history dominated by three major episodes. Through to the mid-1960s, it had barely commenced the process of modern industrialization. It lagged behind its Asian neighbours, experiencing neither the state-orchestrated heavy industrialization of China and India, nor the export-oriented growth then getting under way in the Asian newly industrialized economies. Its modern industrial sector, such as it was, was dominated by a few large state-owned enterprises, subsequently taken over by the state as part of the 1957–58 nationalizations. Then the country began to experience very rapid industrialization from the late 1960s. Initially this growth was import-substituting in nature, but from the mid-1980s a successful transition to export-orientated industrialization was engineered. That rapid growth was brought to an abrupt halt in 1997–98 with the Asian financial crisis.

Keywords:   Indonesia, Asia, economic history, industrialization, economic growth, financial crisis

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