Comparative Analysis of President Soeharto and Kim Dae Jung's Policies in Overcoming the 1997 Economic Crisis based on Small Theory and Idiosyncratic Theory

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Published: Apr 30, 2021
DOI: https://doi.org/10.15575/ks.v3i2.11503
Keywords:
Economic Crisis, South Korea, Indonesia, Level of Analysis

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Putri Jasmine Surapati
UPN Veteran Jakarta
Nada Nur Maulidina
UPN Veteran Jakarta
Fayza Maritza Putri Agustono
UPN Veteran Jakarta
Hilda Ferira Pohan
UPN Veteran Jakarta

Abstract

The 1997 economic crisis was a situation in which the Asian economy experienced a drastic decline which was triggered by Thai finance. At that time Thailand, burdened by huge foreign debt, decided to develop the Baht currency after attacks by currency speculators on the country's foreign reserves. This monetary shift was aimed at stimulating export earnings but this strategy actually had a bad impact. This has had the effect of transmitting to several countries in other Asian regions, such as South Korea and Indonesia. In responding to the formulation of this phenomenon, South Korea and Indonesia have their own policies to overcome the 1997 Economic Crisis.Thus, in order to understand the decision-making process in foreign policy, a level of analysis is needed, namely using idiosyncratic theory and small theory. Using a qualitative approach, this research generates ideas to understand the background to the policy process it created to address the issue of the 1997 Economic Crisis.

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Vol. 3 No. 2 (2021): Khazanah Sosial Vol 3, No 2 August 2021
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