This
introduction to the book M Way reviews
Mahathir's economic policy
legacy from the early 1980s especially
his major innovations in development
policy, including the Look East
policy, the 70 million population
policy, the National Agriculture
Policy, heavy industrialization,
‘Malaysia Incorporated',
privatization and the 1998 national
economic recovery strategy involving
capital and currency controls. It
also examines the way in which Mahathir
dealt with the New Economic Policy
and subsequently introduced successor
policies such as Vision 2020 as
well as the National Development
Policy and the National Vision Policy.
Mahathir's overwhelming presence
in Malaysian politics, through the
length of his tenure and the demise
of his rivals, is acknowledged.
While expensive failures during
the Mahathir era are recognized,
the Mahathir economic policy regime
is not dismissed as an unmitigated
disaster, given the impressive transformation
in the Malaysian economy and the
lack of evidence that most of Mahathir's
policies were motivated by self-aggrandizement.
However, the rise of ‘money
politics', cronyism and corruption
during Mahathir's tenure are
recognized as part of Mahathir's
chequered legacy.
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