Malaysian New Economic Policy

For more than 40 years the new economic policy and its successor programs have shaped malaysia s socioeconomic development and the allocation of political power.

Malaysian new economic policy. Revisiting the debate malaysian journal of economic studies ol. This policy was adopted in 1971 for a period of 20 years and it was succeeded by the national development policy ndp in 1991. We all know the origins of the original new economic policy that was introduced by the late tun abdul razak hussein in 1971. In a simple definition the new economic policy is malaysia s socioeconomic affirmative action plan.

The new economic policy 1970 1990 in malaysia. 1 2016 53 this paper aims to revisit the latter debate while also touching on distribution insofar as it affects growth. It was implemented in 1971 in the aftermath of the 1969 racial riots and the period set for the implementation of nep was 1971 1990. However it was based on an apparent paradox the use of ethnic preference to promote national unity.

Malaysia to become an advanced economy by 2020 the eleventh continue reading. International journal of law and social sciences 2 2 12 17. The original policy sought to eradicate poverty and achieve economic parity among the country s various ethnic communities. The new media and malaysian politics in historical perspective.

Dasar ekonomi baru deb was a social re engineering and affirmative action program formulated by the national operations council noc in the aftermath of 13 may incident in malaysia. The new economic policy nep malay. The racial riots of may 13 1969 were deemed to have been caused largely by socioeconomic imbalances within the malaysian society and so the nep was conceived with two aims in mind to reduce ethnic inequalities and to eradicate poverty irrespective of race. Malaysia s new economic policy nep was first announced in 1970 as the principal policy response to the post election race riots of may 1969 which also resulted in a significant regime change.

It is argued that neither of the above arguments are helpful in understanding the nep s impact. The overriding objective of the nep was stated as national unity. With ambitious economic objectives the plan sets targets and defines some economic policies that will be implemented in the coming years with the ultimate goal to make malaysia a high income economy by 2020. The economic and political perspectives.