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What is Economic Diversification

Analyzing Global Responses to Contemporary Regional Conflicts
Economic development strategy which involves broadening the range of industries or other economic sectors within a country’s economy.
Published in Chapter:
Examining Indonesia's Distinctive Approach in Facing China–US Contest Under the Jokowi Administration: Beyond Trade-Offs
Muhammad Raka Hadiyan (Universitas Airlangga, Indonesia) and Ghulam Phasa Pambayung (Universitas Airlangga, Indonesia)
Copyright: © 2024 |Pages: 20
DOI: 10.4018/979-8-3693-2837-8.ch009
Abstract
Indonesia has been a very successful country to handle the pressure of two superpower contests involving China and the United States, mainly due to its ability to maintain the status of strategic partner for both countries. How could Indonesia maintain that same status while also retaining its distinctiveness in international affairs? Using the method of library research, this writing explored the answer in three sectors of economy, military, and participation in global organizations. After collecting the data, there are at least three points that Jokowi administration relied on to pave the way for Indonesia's success, they are: (1) the desire to put diplomacy and identity/distinctiveness as the backbone; (2) the bravery to include some complex elements; and (3) the move to always show Indonesia's stable growth as an essential value of any negotiation process.
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More Results
Entrepreneurship Education Development in the Context of Tourism in Oman
Economic diversification is the process of transferring an economy's income sources away from a single source and toward an increasing number of sectors and marketplaces. It has historically been used as a tactic to promote positive economic growth and development.
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