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Pancasila (Indonesian: [pantʃaˈsila] ⓘ) is the official, foundational philosophical theory of Indonesia. The name is made from two words originally derived from Sanskrit: "pañca" ("five") and "śīla" ("principles", "precepts"). [1] It is composed of five principles: Ketuhanan yang Maha Esa (Belief in the one and only God) [note 1]
A Pancasila economy can be considered an example of a mixed economy or a third way economic system. [ 2 ] A Pancasila economy is seen as a counterbalance to a neoclassical approach promoting individualism and free markets [ 3 ] that is adapted the values of Indonesian society, including religious values, culture, customs and norms.
Single principle of Pancasila (Asas tunggal Pancasila) was a policy enacted by the New Order regime under President Soeharto starting 1983 compelling political parties and public organisations to declare the national ideology of "Pancasila, as their one and only ideological basis".
The university was declared on 28 October 1966, following the merger of the older Pancasila University which was itself founded in 1963 and the Bung Karno University which was founded in 1964 [1] (not to be mistaken with another identically named university founded in 1999), partially due to the pressure from the Suharto government against symbolism of the former president.