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Don Slater

the object is obviously not just a matter of signs or brands: these categorisations are established and stabilised, or destabilised, disputed and redefined – as well as diversely understood – by a bewildering range of voices and institutions: legal and governmental regulators; scientific and expert voices with variable degrees of accredited legitimacy; consumerist associations; businesses and trade associations, consumer constituencies. What differentiates today’s supermarket from the corn market of Smith’s day is a destabilisation that does not arise because goods

in Market relations and the competitive process
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

’s fiveyear term. Habibie inherited a nation in crisis. Lacking popular support and legitimacy, the new government seemed initially paralyzed.58 The wanton destruction of property and infrastructure began to take its toll, severely disrupting economic activity. The service sector, including financial and business services, trade, hotels and restaurants, suffered huge losses. Equally savaged was the critical export sector. Indeed, some foreign buyers temporarily stopped placing orders for Indonesian exports. Moreover, both during and in the immediate aftermath of the riots

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

of three parties, Kim Young Sam’s Reunification Democratic Party and Kim Jong-Pil’s New Republican Party joined the DJP to form a new party, the Democratic Liberal Party (DLP) – giving the DLP a comfortable majority in the National Assembly.28 More importantly, the merger gave Roh Tae-Woo’s regime political legitimacy. The Roh interregnum made some important changes in the political life of the nation. First, the constitution of the Sixth Republic was made more democratic. Second, the role of the National Assembly was strengthened. Third, the judicial system was

in The Asian financial crisis
Open Access (free)
Crisis, reform and recovery
Shalendra D. Sharma

weakness of its initial new bankruptcy law, difficulties in passing the eleven new economic laws, and its inability to make headway with financial sector restructuring and recapitalization. The government’s inability to turn the economy around quickly, and the widely held perception that it was bailing out rich bankers by taking over bad debt, not to mention a number of embarrassing scandals involving senior ministers (especially Tarrin), further eroded the Chuan administration’s popular support and legitimacy. In October 1998, the government was forced to admit another

in The Asian financial crisis
Open Access (free)
Issues, debates and an overview of the crisis
Shalendra D. Sharma

leaders quickly repair the economic damage – helped to empower these governments with a mandate to carry out macroeconomic reforms. This suggests that democracies not only provide legitimacy, moral authority and credibility to a regime, but that, at particular critical junctures, they may also demonstrate a remarkable capacity to formulate and implement significant political and economic reforms. The role of the IMF The principal responsibility for dealing with the Asian crisis at the international level was assumed by the International Monetary Fund. Soon this

in The Asian financial crisis