In addition to the clove monopoly discussed in the chapter, Tommy Suharto, the son of Indonesian President
Question:
In addition to the clove monopoly discussed in the chapter, Tommy Suharto, the son of Indonesian President Suharto (in office from 1967 to 1998), owned a media conglomerate, Bimantara Citra. In their entertaining book, Economic Gangsters (Princeton University Press, 2008), economists Raymond Fisman and Edward Miguel compared the stock price of Bimantara Citra with that of other firms on Indonesia’s stock exchange around July 4, 1996, when the government announced that President Suharto was traveling to Germany for a health checkup. What do you think happened to the price of Bimantara Citra shares relative to other shares on the Indonesian stock exchange? Why? What does this tell us about corruption and monopoly power in Indonesia?
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