• ON THE SHELF
BOOKS ON MALAYSIA’ S ECONOMIC PLANS AND THE MALAYSIAN ECONOMY
Malaysia has an economic planning process that will rival any planned economy’ s. From 1956, the country has embarked on five-year comprehensive economic plans, from the Malaya Plan of 1956 to the 11th Malaysia Plan of 2016. Bracketing the Malaysia Plans are the Outline Perspective Plans( OPP) which provide longer-term projection and span two or more Malaysia Plans. Within each OPP period, there are then plans focused on specific areas of the economy, such as the New Economic Policy( 1971- 1990) to address wealth imbalances, the National Development Policy( 1991- 2000) to continue where the NEP left off and to encourage industrialisation, and the National Vision Policy( 2001- 2010) to spur Malaysia to reach the goals of Vision 2020. Are these plans effective? What have been their results, and how can we improve on our economic policies?
To shed light on the plans and the Malaysian economy, here are 8 recommended books from the Perdana Library on the subject:
REFLECTIONS ON MALAYSIAN ECONOMIC POLICIES by Tan Sri Dr Sulaiman Mahbob
A collection of the various articles written by economist and former Economic Planning Unit( EPU) Director-General Tan Sri Sulaiman Mahbob from 2014 to 2015 that address topics such as development planning, national economic management, taxes, poverty and inequality. Each article is short and written in very accessible language, presenting Tan Sri’ s views on the complex issue of development planning, and his thoughts on problems unique to Malaysia.
“ Capitalism in its pure and unfettered form can be full of negatives and, if not guided by strong business ethics and public sector intervention, will lead to marked economic and social differentiation, ending in a potential class war.”(“ Reducing Inequality Still Relevant”, p. 77)
THE MALAYSIAN ECONOMY: RETHINKING POLICIES & PURPOSES by Dr Shankaran Nambiar
Going further back in time is Shankaran Nambiar’ s collection of articles. With topics that include Institutionbuilding for Economic Development( 2001), Rethinking Planning in the Land of Plans( 2006), A Global Economic Slowdown at a Time of Political Uncertainty( 2012), Malaysia’ s Tryst with Illicit Financial Flows( 2013), and Strengthening the China Connection( 2012), the author takes a more critical stance and argues for a fresh paradigm on Malaysia’ s development approach.
“ Undoubtedly, in the years to come, as China grows in strength as a global economic power, Malaysia will have more reason to engage with China. But this should be done on our own terms and with our best interests at heart”( Strengthening the China Connection, p. 81)
24 PERDANA MAGAZINE 2017