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Published online by Cambridge University Press: 05 October 2020
Chapters 4 and 5 quantify Southeast Asia’s wartime economic collapse. In every country except Thailand wartime output drops created probably modern economic history’s greatest macroeconomic collapse (chapter 4). Per capita GDP fell by at least a half in most countries and trade to a fraction of pre-war levels. Chapter 5 describes similar contractions in transport, public utilities and manufacturing. The chapters explore a macroeconomic crisis that brought shortages or the unavailability of new clothing, soap and many basic manufactures. Southeast Asians suffered hunger, famine and an extreme deprivation of material goods.
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