Regime changes, state-business ties and remaining in the middle-income trap: The case of Malaysia

Gomez, Edmund Terence and Cheong, Kee Cheok and Wong, Chan-Yuan (2021) Regime changes, state-business ties and remaining in the middle-income trap: The case of Malaysia. Journal of Contemporary Asia, 51 (5, SI). pp. 782-802. ISSN 0047-2336, DOI

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While Malaysia's economy is widely acknowledged as having the capacity to escape the middle-income trap and achieve highly-industrialised status, this potential has not been realised. One theoretical proposition why an economy remains mired in the middle-income trap is that the introduction of mechanisms to overcome this problem is hampered by political, not economic, matters. Malaysia serves as an interesting case to test this proposition because, after the 14th General Election (GE14) in 2018, it had a new government - the first time such a change had occurred in its history - that had pledged to institute the requisite economic restructurings and reform state-business relations in a highly mixed economy. This article traces the sources of Malaysia's middle-income trap leading up to GE14, reviews the reform debates that occurred following this election, and assesses why the promised reforms were not considered before this new government unexpectedly fell in 2020.

Item Type: Article
Funders: Nanyang Technological University, Malaysian Ministry of Science and Technology of Taiwan (108-2410-H-007-002-MY3), Laboratory Program for Korean Studies through the Ministry of Education of the Republic of Korea, orean Studies Promotion Service of the Academy of Korean Studies (AKS-2018LAB-1250001)
Uncontrolled Keywords: Malaysia; Regime change; State-business ties; Middle-income trap; Reforms
Subjects: H Social Sciences > HC Economic History and Conditions
H Social Sciences > HF Commerce > Business
Divisions: Faculty of Business and Economics > Department of Economics and Applied Statistics
Depositing User: Ms Zaharah Ramly
Date Deposited: 14 May 2022 03:35
Last Modified: 14 May 2022 03:35

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