This piece examines Mahathir’s economic policy legacy over three distinct periods in economic policy-making -- the early years of state intervention (1981-1985), the years of partial economic liberalization (1986-1997) and the years of unorthodox economic interventions (1998-2003). It views Mahathir's major policy turns as pragmatic responses to domestic and international economic crises and challenges, and believes that incoherent economic policy-making and charges of "cronyism" and "nepotism" are probably due to a mistaken conviction, on Mahathir’s part, that such interventions were necessary to create a strong Bumiputera commercial and industrial community.

While flawed and abused policies of Mahathir's regime are pointed out, the piece does not dismiss the Mahathir economic policy regime as an unmitigated failure because there is little convincing evidence that the policies were solely, or even principally, motivated by self-aggrandisement. Although Mahathir’s recognition of the need for investment and technology policy interventions are appreciated, his often poorly conceived interventions are criticized.