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Malaysia’s wealth trap: How colonial capitalism became ethnocapitalism
['Loh Chee Seng', 'Loh Chee Seng Is A Retired Lecturer Who Taught At Private Higher Education Institutions. He Graduated In Development Economics At The School Of Oriental', 'African Studies', 'University Of London. He Is A Resident Researcher With Monsoons Malaysia.', 'Jd Lovrenciear', 'Ranjan Paramalingam', 'Angeline Loh', 'Nasaree Bin Mohd Ismail', 'Gursharan Singh']
Aliran
It was a structural feature of colonial capitalism, designed to keep a disciplined labour force and to stop a unified anti-colonial movement from taking shape.
Colonial rootsThe roots of this capital intrusion into Malaysia go back to the era of imperial expansion and mercantilism.
The New Economic Policy, introduced in 1971, was meant to fix economic disparities between ethnic groups.
Even PuTERA35, the bumiputra economic transformation plan, faces criticism.
Critics argue the current set-up – dependency-driven state capitalism propped up by rentier and cronyistic logic – has not consistently delivered sustainable, equitable development.