DOI: 10.5176/2251-2853_2.2.104
Authors: Khairiah Salwa Mokhtar, Chan Ai Reen and Paramjit Singh Jamir Singh
Abstract:
The objective of this paper is to examine the development and implementation of the New Economic Policy (NEP) in Malaysia. It also aims to identify and analyzes the interconnected consequences of NEP in terms of economy and politics throughout the NEP’s life span. The paper utilizes a secondary methodological approach; extensive review of related literature was used to compile evidence from a number of resources including journal articles, internet journal and books.
All resources were utilized in order to evaluate both the positive and negative consequences that emerge throughout the period of the NEP implementation. The study finding demonstrates that the NEP was successful, to some extent, in achieving its two-pronged objectives
which were to eradicate poverty regardless of race and to restructure the economic imbalance amongst the major ethnic groups in Malaysia. Furthermore, this paper provides an insight into the Malaysian economy
and politics in which the NEP has helped developed in terms of: (1) the emergence of the relationship between politics and business; (2) the emergence of money politics which directly and indirectly influenced the nation’s economy and politics; (3) the introduction of
the privatization policy with its main aim to improve the government revenue while releasing its administrative and financial burden; and (4) the new born Malay middle class.
Keywords: New Economic Policy, money politics,
privatization, middle class
Updating...