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Development in Malaysia: Poverty, Wealth and Trusteeship
By: Ozay Mehmet
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RM39.90 RM33.92
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Description
The Malaysian economy has grown remarkably since 1970 but despite this, significant poverty is still widespread. This book examines the record of economic development in Malaysia over this period and evaluates the success of the New Economic Policy.The NEP had two primary objectives: the eradication of poverty and socioeconomic restructuring. To achieve this it adopted a strategy of development by trusteeship which is unique in the Third World. This strategy of trusteeship requires that resource allocation and investment priorities be determined non-competitively by rules and procedures set by trustees. It also requires that control over resources be separated from ownership and that the controlling power be vested with the trustees. The trustees comprise two layers of officials: at the top is a small group of political decision-makers and subordinate to them are a large number of civil servants who execute and monitor the programmes and projects designed under the trusteeship. If these officials are successful and efficient and equitable in their decision-making it is argued that both the production and distribution objectives of economic development may be promoted more effectively than through the Western capitalist system or the socialist system.In fact this book concludes that the NEP trusteeship strategy has failed to eradicate poverty in Malaysia and indeed many of the adopted policies have tended to perpetuate and reproduce poverty. Trusteeship has resulted in a very rapid process of wealth. accumulation under the direct control of the trustees themselves. They have taken advantage of their powerful position within economic decision-making to enrich themselves at the expense of the poor they were supposed to be assisting.
