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The Development of Malaysian Capitalism

From British Rule to the Present Day

The Development of Malaysian Capitalism: From British Rule to the Present DayElsa LAFAYE de MICHEAUX
SIRD, Kuala Lumpur
2017, 446 p.
ISBN : 9789670960555
English Language English text

As Malaysia grappled with bitter ethnic and political tensions at the end of the 1960s, the government initiated growth-oriented economic reforms to promote cohesion in the young, multi-ethnic nation. The large scale and lasting effects of these policies forged the countries’ exceptional economic development : by 2020, Malaysia will likely enter the club of ‘high-income’ countries.

This volume comprehensively surveys Malaysia’s political economy, mapping the intersecting forces that inform it : economic growth, broader Asian development, the weight of colonial institutions, the influence of Islamic finance, and the sometimes ambiguous role of the state. It offers a discerning overview of Malaysian capitalism through readings of its history since 1874 – from the colonial economy through modernisation and accelerated development, up to its recent passage in global crises. The author details the causes and conditions of Malaysia’s economic success ; the result is a compelling portrait of a young capitalist nation sitting at both the geographic centre of Southeast Asia and at the crossroads of sovereign development.