"That is why I have chosen a middle path, taking the best from both socialism and capitalism,"St. Petersburg, Rusia (ANTARA) - Indonesian President Prabowo Subianto emphasized that every country must have its own economic policies and philosophy that align with its unique culture and historical background.
"In my view, every nation needs its own economic policy and its own economic philosophy," Prabowo stated during a panel session at the St. Petersburg International Economic Forum (SPIEF) 2025 at ExpoForum in St. Petersburg, Russia, on Friday.
The president pointed out that one of the major mistakes made by several Southeast Asian countries is their tendency to follow the world's most dominant and influential powers.
Over the past three decades, Prabowo noted that the classic neoliberal free-market capitalist philosophy —largely characterized by a laissez-faire approach— has prevailed, including among Indonesia’s elites.
Laissez-faire is a doctrine that discourages government intervention in business affairs.
Prabowo argued that this philosophy has not succeeded in creating equal opportunities for all segments of society.
Despite an average economic growth rate of five percent over the past seven years, amounting to roughly 35 percent total growth, wealth distribution, according to the president, remains uneven.
"We have not succeeded in achieving what is known as the trickle-down effect. Wealth remains concentrated in the hands of a few, less than one percent of the population. In my view, that is not a formula for success," he stated.
For this reason, Prabowo stressed that each country should adopt its own economic philosophy, one that resonates with and is accepted by its people and their cultural values.
"That is why I have chosen a middle path, taking the best from both socialism and capitalism," the president stated.
He added that Indonesia’s economic approach still relies on the initiative and innovation found in capitalist systems but also requires government intervention to address poverty, hunger, and protection for vulnerable groups.
"Therefore, we have chosen a philosophy that can be simply summed up in one sentence: 'the greatest good for the greatest number of people.' That is our guiding principle," Prabowo stated.
To that end, Prabowo affirmed that a clean, corruption-free government is the key to accelerating national development.
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Translator: Primayanti
Editor: Arie Novarina
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