Whither Malaysia's New Economic Policy?

Jomo, K. S.

doi:10.2307/2759912

Cited by 33 publications

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“…With independence in 1957, Malaysia's national development policies have focused not just on achieving economic growth, but equally on redistributing wealth to promote racial equality (Jomo, 1990;Jesudason, 1989). The logic for these policies could be explained by the colonial experience and post-colonial aspirations of the ruling elite.…”

Section: Malaysiamentioning

confidence: 98%

“…In many ways, the Malaysian government's strategy was to emulate the developmental states of Asia, particularly Japan and South Korea. This was part of Prime Minister Mahathir Mohamed's ''look east'' emphasis (Jomo, 1990). The most contentious aspect of the New Economic Policy was the implementation of the Industrial Coordination Act (1976), which gave authority to the Minister of Trade to grant and revoke business Developmental Regimes in Singapore, China and Malaysia 139 licences.…”

Section: Malaysiamentioning

confidence: 99%

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Power and developmental regimes in Singapore, China and Malaysia

Pereira¹,

Tong²

2005

Global Economic Review

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This paper examines three developmental regimes in Singapore, China and Malaysia. In these three cases, heavy state intervention was necessary because their economies required significant economic restructuring. For Singapore, state intervention was necessary for the process of industrial transformation. For Malaysia, state intervention was necessary because the government wanted to reallocate economic resources as a means to deal with ethnic conflict. For China, state intervention was necessary in order to gradually “marketize” the socialist economy. The paper also briefly discusses the impact of the Asian Financial Crisis (1997-1999) on these developmental regimes. It finds that for all three cases, economic restructuring was successful because of long-term and heavy state intervention. It explains that, unlike the other developmental states of Asia, these developmental regimes were able to undertake such significant restructuring because of the state's power base, which even managed to survive the Asian Financial Crisis. It concludes with some comments about the future of state intervention in a rapidly globalizing world.Singapore, Malaysia, China, developmental regimes, interventionist states,

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Section: Malaysiamentioning

confidence: 98%

Section: Malaysiamentioning

confidence: 99%

Power and developmental regimes in Singapore, China and Malaysia

Pereira¹,

Tong²

2005

Global Economic Review

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“…In part, this shift was attributable to both Malaysia's changing position in the global economy and domestic political contestations. Malaysia's strategy of export‐led growth during the 1970s and 1980s had made the country a model of development success (Jomo ). Following the lead of other “Asian tiger” economies, such as Hong Kong, South Korea, and the country's close neighbor, Singapore, between the 1970s and 1990s, Malaysia has aggressively pursued foreign direct investment by establishing special zones for industrial assembly where multinational firms were enticed to establish production facilities for high‐tech and other commodities through tax incentives, modest wages, a stable political system, and a well‐trained and docile laboring population (Ong ).…”

Section: From Passive Consumers To Knowing Subjectsmentioning

confidence: 99%

Subjects of Debt: Financial Subjectification and Collaborative Risk in Malaysian Islamic Finance

Rudnyckyj

2017

American Anthropologist

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This article argues the Malaysian state has developed Islamic finance in conjunction with two distinct strategies of subject formation. In its first phase, in the 1980s, a central objective was the financial inclusion of Malays. Islamic finance was part of an identity-building project and intended to integrate this disadvantaged indigenous majority into the national economy. By the 2000s the state had succeeded in fostering a Malay Muslim middle class through aggressive affirmative action policies. Currently, Islamic finance is being redeployed as a technique for the neoliberal entrepreneurialization of the Malay Muslim population. Empirically, this shift is evident in efforts by experts to move Islamic finance away from a reliance on what they call "debt-based" devices to ones referred to as "equity based." This entails substituting devices that reformers contend replicate the credit and lending instruments characteristic of "conventional finance" with instruments instead premised on investment, partnership, and risk sharing that they argue more faithfully adhere to the discursive tradition of Islam. [Islam, development, neoliberalism, Islamic finance, debt] ABSTRAK Artikel ini bertujuan untuk membincangkan perihal negeri Malaysia yang telah membangunkan kewangan Islam seiring dengan dua strategi berbeza dalam pembentukan subjek tersebut. Dalam fasa pertama yang berlangsung sekitar tahun 1980-an, objektif utama adalah kemasukan masyarakat Melayu dalam bidang kewangan.Kewangan Islam adalah sebahagian daripada projek pembangunan identiti yang bertujuan untuk mengintegrasikan majoriti daripada kelompok bumiputera yang kurang bernasib baik dalam ekonomi negara. Menjelang tahun 2000-an, negeri ini telah berjaya mengangkat kelas pertengahan Muslim Melayu asli melalui dasar-dasar tindakan afirmatif yang agresif. Pada masa ini, kewangan Islam diatur semula sebagai teknik untuk pengusahawanan neo-liberal masyarakat Melayu Islam. Secara empirik, peralihan ini amat ketara dalam usaha para pakar untuk mengggerakkan

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“…This led to the authoritarian implementation of the New Economic Policy (NEP) in 1970-1971 when the democratically-elected parliament was suspended and dissolved and Malaysia was governed by an authoritarian, executive council in the name of communal unity and national peace (Hirschman, 1979;Hirschman, 1987;Jomo, 199011 ;Rappa, 1997). The move to marginalize the power of the centrist and moderate politician Tunku Abdul Rahman, by the right-wing, pro-Malay Tun Razak, would establish the supreme right of the Malays as enshrined in the Constitution for the first time in modern Malay history and provide political leverage for the Malay bumiputera claim over Malaya.…”

Section: Thmentioning

confidence: 99%

Language Policy and Modernity in Southeast Asia

Rappa¹,

Wee²

2006

Language Policy

101

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The last half century has witnessed an explosive shift in language diversity not unlike the Biblical story of the Tower of Babel, but involving now a rapid spread of global languages and an associated threat to small languages. The diffusion of global languages, the stampede towards English, the counter-pressures in the form of ethnic efforts to reverse or slow the process, the continued determination of nation-states to assert national identity through language, and, in an opposite direction, the greater tolerance shown to multilingualism and the increasing concern for language rights, all these are working to make the study of the nature and possibilities of language policy and planning a field of swift growth.The series will publish empirical studies of general language policy or of language education policy, or monographs dealing with the theory and general nature of the field.We welcome detailed accounts of language policy-makingwho is involved, what is done, how it develops, why it is attempted. We will publish research dealing with the development of policy under different conditions and the effect of implementation. We will be interested in accounts of policy development by governments and governmental agencies, by large international companies, foundations, and organizations, as well as the efforts of groups attempting to resist or modify governmental policies. We will also consider empirical studies that are relevant to policy of a general nature, e.g. the local effects of the developing European policy of starting language teaching earlier, the numbers of hours of instruction needed to achieve competence, selection and training of language teachers, the language effects of the Internet. Other possible topics include the legal basis for language policy, the role of social identity in policy development, the influence of political ideology on language policy, the role of economic factors, policy as a reflection of social change.The series is intended for scholars in the field of language policy and others interested in the topic, including sociolinguists, educational and applied linguists, language planners, language educators, sociologists, political scientists, and comparative educationalists.

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Whither Malaysia's New Economic Policy?

Cited by 33 publications

References 0 publications

Power and developmental regimes in Singapore, China and Malaysia

Power and developmental regimes in Singapore, China and Malaysia

Subjects of Debt: Financial Subjectification and Collaborative Risk in Malaysian Islamic Finance

Language Policy and Modernity in Southeast Asia

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