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Review And Analysis Of Malaysia's Economic Policies

2139 words - 9 pages

Neighboring countries Singapore and Malaysia may be geographically within spitting distance but their economic polices, corporate culture, future goals and many more are independent. According to a book written by Mahathir Mohamad, Malaysia views Singapore as a Chinese nation while they consider Malaysia primarily as the Malay state. (Mohamad, 2005) One factor these two nations share in common is the pluralistic feature. Even though each has a different dominant race, both nations comprise of similar races from similar backgrounds but different perspectives mostly due to the influence of how each nation or leader governs their economic and social policy towards a better development of the overall country. This essay will look into the effect of different policies applied to both nations and how the education system in both countries will have an influence on what the future policies will evolve into.

This paper will focus on explaining the economic policies adopted in the past and discuss the outcome from the policies in order to assess future policies. Some of the economic policies implied in Malaysia have a touch of racial discrimination to it while Singapore implements policies that are strictly to enhance competition through an incentive-based rewarding system, regardless of race. For instance, after Malaysia’s full independence in 1957, The New Economic Policy (NEP) was created to reduce poverty and disassociate economic functions and race. This is due to the Chinese population being able to naturally benefit from the tin industry’s lucrative return while the Malays or better known, as Bumiputeras are not enjoying the same advantage due to their lack of knowledge. The NEP provided Bumiputeras with a whole lot of opportunities and this encouragement continued with the creation of the New Development Plan (NDP) in 1986. This plan was formed with the intention to address the instability levels of growth throughout Malaysia particularly the rural areas that were mainly inhabited by Malays but instead it received criticism by the Malaysian Chinese who were demanding a less regulated market since Malays’ businesses are now flourishing. The impact of having a hint of discrimination in the previous economic policy caused the unfortunate event in 1969 General Election, whereby the Chinese and Malays were violent to each other leading to deaths and causing the nation to be declared as a state of emergency. Offending a race could be catastrophic, hence why this is one of the hardest challenges a pluralistic nation needs to endure: forming economic and social policies that are widely accepted by all races. The current attempt to implement Islam Hadhari approach initiated by the current Prime Minister Badawi will most definitely be a complex procedure. The topic of implementing Hudud Law is highly controversial currently because it is being opposed by the non-Muslims in Malaysia, mainly comprised of non-Bumiputeras.

Singapore may not have been...

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