Beyond the Malaise

Doubts about the usefulness, relevance and progressive potential of an alternative economic agenda more than three decades after Malayan Independence and a quarter of a century after the formation of Malaysia are underscored by the rapid economic growth achieved in much of the 1960s and 1970s with a ‘dependent’ economic strategy open to foreign investment and international trade, apparent acceptance of Western cultural hegemony and the widespread identification of nationalism in Malaysia with ethnic chauvinism of one type or other. However, careful examination of contemporary Malaysian economy, society and politics will underline urgent need for the popular democratic alternative especially for the elaboration of a more sustainable, balanced and equitable growth strategy. However, Malaysia’s development record and its position in the changing world economy necessitates some major revisions to the ‘traditional’ alternative economic agenda, especially a rejection of both the virtually autarkic proposals suggested by some dependency theorists, and the ‘industrialisation at any cost’ arguments advanced by those insensitive to the people’s living conditions, their environment and the long-term sustainability of growth.