The Development of Malaysian Capitalism: From British Rule to the Present Day

The Development of Malaysian Capitalism: From British Rule to the Present Day 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. 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.