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MALAYSIAN ECONOMIC PLANS AND POLICIES, IMPACT ON BRITISH COLONIZATION -…
MALAYSIAN ECONOMIC PLANS AND POLICIES
BRITISH COLONIZATION POLICIES IN MALAYA AND BORNEO
Labour Policy
Infrastructure Development
Land Law
Financing
Education and the Divide and Rule Policy
IMPACT ON BRITISH COLONIZATION
Positive = Railway construction and Establishing the rule of Law
Negative = Deliberate attempt by colonial authorities, high poverty rate, heavily dependent on the foreign sector and inherent regional inequality in Malaysia in the wake of British imperialism
MALAYSIA ECONOMIC DEVELOPMENT
National Development Policy (1991-2000)
NDP document maintain that its main objective was national unity.
NEW POLICY DIMENSIONS IN NDP
Targeted initiative on reducing hardcore poverty and relative poverty replaces the blanket approach of anti-poverty in NEP
Focus on employment restructuring and rapid development of Bumiputera Commerce and Industrial Community (BCIC)
Increase the role of the private sector in restructuring objective
Focus on human resource development
National Vision Policy (2001-2010)
Achieving a united, progressive and prosperous Malaysian society that engages in full and fair partnership
STRATEGY
Eradicating poverty irrespective of race
Restructuring of society
Ensuring a balanced development
-The strategies of Vision 2020
New Economic Policy (1970-1990)
The overriding objective of NEP is to achieve national unity. Economic progress of a nation, in part, depends on social stability
TWO-PRONGED STRATEGIES OF NEP
Reduction and eventual eradication of poverty
Restructuring society
ACHIVEMENTS
In 1970, per capita income was RM6,421. By the end of NEP implementation, per capita income was RM14,607.
By the end of its implementation, the government had been successful in slashing poverty incidence beyond the targets set.
The % of Bumiputera as professional and technical workers, administrative and managerial worker, as well as production have inceased.
LIMITATIONS
Employment of Bumiputera in modern sector
Bumiputera equity ownership
New Economic Model (2011-2020)
Malaysia seems to face difficulty in achieving a high-income economy status
High income
Achieve per capita GNP of US$15,000 - US$20,000
Inclusiveness
Economic development benefits everyone
Sustainability
Meet present needs without compromizing future generations
PRIVATIZATION
Arguments for Privatization
Increase production effeciency, increase economic growth and benefits consumers in terms of the quality of goods and services received.
Arguments against Privatization
Protect essential services like healthcare, volatile labour market, distruptive competition
Defined as the transfer of activities or functions from the public sector to private enterprise.
IMPACT ON BRITISH COLONIZATION