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Malaysia's Political Economy: Politics, Patronage and Profits, by Edmund Terence Gomez, K. S. Jomo
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This 1997 book is an insightful and accessible analysis of contemporary Malaysian business and politics. Using the concepts of rent and rent-seeking as tools to study the Malaysian political economy, the authors explore how political patronage influences the accumulation and concentration of wealth. The book considers the impact of party politics and economic development on the relationship between politics and business in Malaysia, and provides discussions of government-led change in Malaysia's business community, including the emergence of a Malay business class. In this revised edition, the authors examine how the 1997 Asian currency, liquidity and financial crises have impacted on Malaysia's economy. Their discussion canvasses various economic policy responses, including capital control measures, as well the ensuing economic recession and political turmoil.
- Sales Rank: #7575187 in Books
- Brand: Brand: Cambridge University Press
- Published on: 1997-09-13
- Original language: English
- Number of items: 1
- Dimensions: 8.98" h x .94" w x 5.98" l, 1.31 pounds
- Binding: Hardcover
- 227 pages
- Used Book in Good Condition
Review
."..an insightful and richly documented analysis of Malaysia's political economy...." Milton J. Esman, The Journal of Asian Studies
Most helpful customer reviews
0 of 0 people found the following review helpful.
Malaysia and the free market
By Ryan H
This book is an interesting review of the past 50 years of Malaysian economic history. It discusses how Malaysia emerged onto the economic scene and how they were able to establish themselves as an economic leader in East Asia. This book gives an interesting comparison of different economic view points and strategies that were put into effect under different Prime Ministers, and also gives an insight into the success of the free market opposed to the a government controlled economy.
As a world leader in exporting tin, rubber, palm oil. Pepper, tropical timber, petroleum and an ever-increasing manufacturing sector, Malaysia is considered to have one of the most successful economies in the world. However, that has not always been the case, Malaysia has battled through multiple regimes that had completely different views on how to build an economy. They have also faced British rule and were unable to experiment or institute their own economic principals until 1957. The country of British Malaya is now known as the Peninsula of Malaysia (Gomez, 1997).
This book also discusses the interaction between business and politics. This book goes onto to explain how Malaysia is a developing democracy that is young when compared to other democracies in East Asia. To define the future of this young growing country, the Malay government under Prime Minister Dr. Mahathir bin Mohamad set fourth a vision for the country, which consisted of significant goals as Malay moved into the 21st century. During the post NEP period Mahathir presented his 2020 Vision plan. As this 2020 Vision plan continues to carry Malaysia into the future, the country will prosper under the economic liberalization undertaken since the mid-1980s, which has encouraged growth in the private sector at the expense of the public sector with privatization and some deregulation.
2 of 2 people found the following review helpful.
Real World View
By A Customer
Those pursuing major business (or considering pursuit of business) in Malaysia need to read this book. If you are very familiar with Malaysia politics and business, it makes a great read. Otherwise, only of interest to academics in politics, political economy, and perhaps 'Transparency International.' The only caveat is that it mainly applies to very large business efforts - while something of the entire patronage culture obviously permiates many transaction levels here, only the really big (nationally important) stuff draws the kind of attention discussed in this book.
The book basically presents a slightly pessimistic but fairly accurate view of major business efforts and their effects. The book concludes in the midst of the 1997/8 economic melt-down and subsequent political maneuverings, but stops well short of the late 1999 election.
4 of 4 people found the following review helpful.
Insightful and objective
By Bastiaan Kniphorst
When looking at the political economy of Malaysia many authors are quick in taking an extreme point of view. Gomez and Jomo, on the other hand, focus on the reality of the Malaysian situation. Their analysis of the functioning of Malaysia's political economy is frank and thoroughly backed up. By concentrating on the effects of Mahathir's privatisation policies on the Malaysian economy, they have pinpointed several key structural weaknesses which need to be addressed; especially in view of the pressing politial and economic issues which are currently affecting Malaysia. The book therefore, is an absolute must for people interested in Malaysia's complex economic structure.
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