A high-level of dollarisation, largely attributable to the presence of United Nations personnel and peacekeepers in the early 1990s, has largely been the reason for a relatively stable Khmer riel. The recognition of foreign currencies as valid legal tender under statute ensured the existence of a competing currency in the market, enforcing discipline on the central bank by preventing manipulation of interest rates, inordinate expansion of money supply and ensuring that inflation remains relatively low.Read More
Hun Sen's personal interest in reviving Cambodia's ethnic Chinese community likely grew from a combination of economic and personal factors. Economically, Hun Sen was convinced by 1990 that only capitalism could bring development to Cambodia.Read More
Cambodia is the only country in the modern era to have had money, had that money abolished, and then had money reinstated. Shiller, in the article mentioned previously, mentioned - without detail - that Marxist Communism supported the idea of societies without money. This, of course, is correct. But I should emphasise that Marx went further than just support the abolition of money. In fact, this was central to Marxism.Read More
Cambodia's National Commercial Arbitration Center has successfully settled its first two cases. This is an important milestone for the NCAC and for building successful institutions in Cambodia. It also provides a homegrown alternative to Cambodia’s court system.Read More
The involvement of Japanese experts in the preparation of the new Civil Code, the Code of Civil Procedure and other requisite legal instruments (so as to ensure a fully functional infrastructure for the recognition of contracts, contract enforcement, the protection of property rights, the enshrining individual rights and the rule of law, into legal code) is reflective of a benign foreign policy adopted by Japan that is aimed at building symbiotic and synergistic relationships with her partners.Read More
Francis Fukuyama's prediction of the "end of history" and the inevitability of the establishment of liberal democracy clearly took a hit after the third wave of democratization as we continued and continue to observe roll backs of individual rights across the globe. So, why has this been the case? What exactly do we know about democratization?