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date: 17 February 2020

Abstract and Keywords

This article provides an overview of the institutional structure of the business system of Indonesia. It explores the role of the state, the financial system, ownership and corporate governance, the internal structure of the firm (management), employment relations, education and skills formation, inter-company relations (networks), and social capital. It suggests that despite extensive neo-liberal economic policy and institutional reform since the mid-1980s, Indonesia has not developed a fully fledged liberal market system of capitalism. Rather, it has developed a unique and hybrid form of capitalism characterized by a combination of market-based policies and institutions, direct forms of state intervention, and coordination, based on the predatory interests of powerful politico-business families. This article contributes directly to the business systems and varieties of capitalism literature and identifies institutional contingencies for comparative and international social science research in general.

Keywords: Indonesia, Asia, business systems, varieties of capitalism, institutions, politico-business families, neo-liberalism

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