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The Southeast Asian Financial Crisis: Malaysia Rejects Economic Orthodoxy

Jurnal Ekonomi Malaysia

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Title The Southeast Asian Financial Crisis: Malaysia Rejects Economic Orthodoxy
 
Creator Sikorski, Douglas
 
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Description Pinpointing the actual forces at work in the Asian Financial Crisis, especially politics and other nono-market factors that contributed substantially to the loss of confidence, has not been easy. The causes of the crisis might be interpreted as either a failure of Asian capitalism, or alternatively a failure of market capitalism. The first interpretation obviously has a great dea; of substance, and Malaysian economic institutions and public policy are not blameless - reckless over-expansion and credit growth, a pegged currency, political imbroglios, etc. Obviously, Malaysia needs to restore confidence in its financial institutions and practices. But Prime Minister Dr. Mahathir Mohamas has rejected economic orthodoxy in favour of a more redical strategy. His dramaticv gambit has some intellectual legitimacy based on a revisionist movement in economics and may well herald what willbe the "new architecture" of the international monetary system.ABSTRAK Mengena;pasti faktor sebenar disebalik krisis kewangan Asian, khususnya faktor politik dan faktor bukan pasaran lain yang menyebabkan kehilangan keyakinan pelabur bukanlah sesuatu yang mudah. Faktor penyebab krisis boleh ditafsir sebagai saa ada kegagalan kapitalism Asian atau kegagalan kapitalisma pasaran. Interpretasi pertama mempunyai asas yang kukuh dan institusi ekonomi Malaysia serta dasar awamnya tidak terlepas daripada dipersalahkan - pertumbuhan dan pengembangan kredit yang melampau, regim matawang tidak fleksibel, kegawatan [politik dan sebagainya. Tetapi Perdana Menteri Mahathir Mohamad telah menolak ortodoksi ekonomi dengan memihak kepada strategi radikal. Namun, langkah ini mempunyai justifikasi intelektual berasaskan gerakan revisionist dalam ekonomi dan berkemungkinan dianggap sebagai arkitek baru dalam sistem kewangan antarabangsa.
 
Publisher Universiti Kebangsaan Malaysia
 
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Date 1999-12-31
 
Type info:eu-repo/semantics/article
info:eu-repo/semantics/publishedVersion
Peer-reviewed Article
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Format application/pdf
 
Identifier http://ejournal.ukm.my/jem/article/view/2397
 
Source Jurnal Ekonomi Malaysia; Vol 33 (1999): Jurnal Ekonomi Malaysia
0126-1962
 
Language eng
 
Relation http://ejournal.ukm.my/jem/article/view/2397/1664
 
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