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Constituting the cultural economy
Fran Tonkiss

employing up to 400 people. However, casual, contract and freelance employment meant that the ‘size’ of businesses varied widely on a project or an event basis – for example, one music venue had a handful of permanent employees, but could employ several hundred for particular events. The seventy-five firms were selected so as to ensure: a geographical spread across the study area; a spread of business type; and a spread of business size within the small–medium range. The single exception in the sample was a large newspaper publisher employing 6,100 people. 3 In Britain in

in Market relations and the competitive process
Why China survived the financial crisis
Shalendra D. Sharma

; 1996); IMF (1997) and State Statistical Bureau (1997) (Zhongguo Jinrong Nianjian). The bilateral trade deficit of the United States with China has grown every year since 1985. The Department of Commerce estimates that the trade gap grew by 15 per cent, reaching an all-time high of US$57 billion, in 1998. This is only a few billion less than the deficit registered with Japan, the United States’s largest trade-deficit partner. See Lardy (1999, 1–8); Fung and Lau (1997) and various issues of Jinrong Shibao, China’s leading financial newspaper. This is sharp contrast to

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

’s decision to raise the prices, it is not clear if the IMF wanted the measure to be implemented incrementally or all at once, albeit the April agreement allowed for the gradual phasing out of the subsidies. In any case, the Suharto government imprudently implemented the measure all at once – with severe consequences for the vast majority of Indonesians. Newspaper reports quote Syarwan as regularly referring to Chinese-Indonesians as “rats.” Eklof (1999, 136) notes that “Lieutenant-General Syarwan Hamid, spoke about the need to eradicate rats in Indonesia’s economy, saying

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

newspapers attacking the deal only worsened matters. Second, the government’s decision (on December 9) that it would invest US$1 billion in two large ailing commercial banks, rather than shutting them down as the agreement had stipulated, served to convince the markets that Korea was not serious about implementing the program. Third, when Chosun Ilbo, a leading Korean daily, published a leaked version of the December 3 IMF staff report, showing that Korea’s foreign debt falling due over the coming year (1998) was over US$116 billion, instead of the officially reported US$65

in The Asian financial crisis