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
; 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
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
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