ABSTRACT
Democracy, literally, means the rule of the people. In theory, it connotes a
system of governance in which ‘the lawful rule of the many in the true
interests of the whole community’ is most efficiently realised (Corcoran
1983: 13), therefore constituting the antonym of oligarchy, the rule of a few.
It is an idea that often inspires optimistic expectations about the con-
sequences of regime change once authoritarianism meets its demise.1 In
Indonesia, the advent of the new reformasi regime raised hopes about the
termination of the oligarchic power structures that had underpinned the authoritarian New Order. There were anticipations that free markets would
reinforce democracy and vice versa.
