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Malaysia's 40-year strategy of 'poverty eradication' has met with a great deal of success, yet has caused controversy for its links to ethnically-oriented social restructuring. This book is a critical evaluation of changing policy regimes affecting Malaysia's development, record of industrialization, and efficacy in adapting social policies.
Malaysia's 40-year strategy of 'poverty eradication' has met with a great deal of success, yet has caused controversy for its links to ethnically-oriented social restructuring. This book is a critical evaluation of changing policy regimes affecting Malaysia's development, record of industrialization, and efficacy in adapting social policies.
Current inquiries into the political economy of financial policymaking in Malaysia tend to focus on the high-level drama of crisis politics or simply point to the limited impact of post-crisis financial reforms, given that politico-business relations have remained close. In so doing, pundits ignore a number of intriguing questions: what is the relationship between financial development and financialisation and how has it played out in the Malaysian context? And more generally: how can a country like Malaysia become significantly more financially developed, yet fail to emancipate the financial system from political control; a core element of the financial development discourse? To unravel the complexities of this puzzle, this book subjects the history and contemporary practices of financial policymaking in Malaysia to scrutiny. It argues that to understand financial development in Malaysia, its progress and reversals, it is important to conceptualise it as a political, rather than a merely technical process. In so doing, the book echoes a more profound concern in the political economy literature, namely the evolving relationship between states and markets, and the supposed retreat or reassertion of the state at a time of increasing (financial) globalisation. The book can generate further insights into the evolving role of the state with regard to broader processes of development and marketisation, as they relate specifically to finance.
Telecommunications restructurings are now seen as important barometers in the shift among developing countries toward market-based economies. They are often posited as helping developing countries "leapfrog," or accelerate their pace of development, and "connect" with the world economy. This book shows that most states in developing countries are unable to resolve the myriad pressures they face in restructuring important sectors like telecommunications to effect accelerated or "leapfrogging" development. The scope, pace, and sequencing of restructuring varies according to how different types of states respond to micro sub-sectoral pressures or to macro-level pressures from coalitions of groups. After examining seven generalizable cases (Singapore, South Korea, Mexico, Malaysia, China, Brazil, Myanmar), the book examines India as an in-depth "most likely case." Leapfrogging Development? proposes a unique framework that shows how groups and coalitions articulate development preferences and how different types of states respond to or shape these preferences.
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.
This study not only examines the countries most severely affected by the Asian financial crisis, but also draws lessons from those whose economies escaped the worst problems. The author focuses on the political economy of the crisis, emphasizing long-standing problems and crisis management tactics.
Actions taken by the United States and other countries during the Great Recession focused on restoring the viability of major financial institutions while guaranteeing debt and stimulating growth. Once the markets stabilized, the United States enacted regulatory reforms that ultimately left basic economic structures unchanged. At the same time, the political class pursued austerity measures to curb the growing national debt. Drawing on the economic theories of Keynes and Minsky and applying them to the modern evolution of American banking and finance, William K. Tabb offers a chilling prediction about future crises and the structural factors inhibiting true reform. Tabb follows the rise of banking practices and financial motives in America over the past thirty years and the simultaneous growth of a shadow industry of hedge funds, private equity firms, and financial innovations such as derivatives. He marks the shift from an American economy based primarily on the production of goods and nonfinancial services to one characterized by financialization, then shows how these developments, perspectives, and approaches not only contributed to the recent financial crisis but also prevented the enactment of effective regulatory reform. He incisively analyzes the damage that increasing unsustainable debt and excessive risk-taking has done to our financial system and expands his critique to a discussion of world systems and globalization. Revealing the willful blind spots of mainstream finance theory, Tabb moves beyond an economic model reliant on debt expansion and dangerous levels of leverage, proposing instead a social structure of accumulation that places economic justice over profit and, more practically, institutes an inclusive, sustainable model for growth.