Changing Phases of
By Samuel Bassey Okposin, et al.
ASEAN Academic Press
308 pages, 5 3/4" x 8 3/4"
This book examines the changing phases of the Malaysian economy since independence
in 1957. Agriculture was the main source of growth in the early phase of development.
In the 1960s and 1970s, import-substitution and export-oriented industrialization
propelled economic growth. In the 1980s, investment and the growing service
sector was the engine of growth.
In the 1990s, the economy is sustained through productivity and industrial upgrading
to higher value-added industries. Besides addressing the various cyclical downturns,
as well as the speculative attack on Asian economies, this book also deals with
issues pertaining to agricultural transformation, East Malaysian development,
tourism development, privatization, environmental and manpower development.
The arduous tasks involved in attaining the achievements of the last four decades
were brought to a virtual standstill in mid-1997 due to the Asian financial
However, the Malaysian economy has benefited much from the government's policy
of selective capital controls, despite opposition. Besides breaking the vicious
downward spiral that the exchange rate insatiability had set in motion, capital
control measures were also used to minimize the negative impact of large short-term
capital flows into and out of Malaysia.
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