Factors behind Malysias economic boom

Factors behind Malysias economic boom Malaysia is a country endowed with rich resources, possesses well-developed infrastructure and is socio-politically stable. Malaysia has achieved fairly impressive economic success since 1970. Before 1969, Malaysia underwent poverty, unemployment and inter-ethnic economic imbalances caused by colonialism and then by the laissez-faire policies after Independence (Gomez Jomo 1999). From a poverty-stricken country that relies on agriculture and raw materials(rubber and tin exports) as nations economic source, Malaysia has now advance to an export-oriented industrialisation stimulated by technology intensive, knowledge based and capital intensive industries. Malaysia a multicultural country comprised of the 3 dominant ethnic group, Malay(50.4%), Chinese (23.7%) and Indian(7.1%) with an approximate population of 28 million, she is able to maintain economic advance within social unity (CIA World Factbook, 2010). Hence, in appreciative of Malaysias economic success in a sustained multicult ural unison, this essay will provide an overview on the government efforts in moving Malaysias dependence on low-income agricultural sector to export-oriented industrialisation (EOI) as well as attracting lucrative foreign direct investments (FDI). To address these, this essay will be divided into four sections. The first section will present a short account of indicators on Malaysias real GDP and poverty incidence. The second section, divided into subsections, will illustrates the major factors behind Malaysias economic boom in industrialisation and FDI since 1970, primarily through government intervention. The third section will attempt to evaluate Malaysias future economic challenges of how distributive policies may have hindered Malaysias future economic growth. The last section of the essay suggests recommendations on Malaysias approach in sustaining and improving economic growth. MALAYSIAS REAL GDP AND POVERTY INCIDENCE Graph 1 shows the real GDP growth and inflation in percentage of Malaysias economy. Based on the graph, the real growth rate averaged 7.8 per cent per annum during the 1970s but slowed to 6.9% during 1980 fell negative 1 percent in 1985, with better macroeconomic policies and market-based reforms, the Malaysian economy resumed rapid growth in 1987. Over the nine years to 1997, the average growth of GDP accelerates to over 8 per cent. Overall, Malaysias averaged 6.5 per cent of real GDP from 1971 to 2009 is a considerably impressive figure by developing country standards. The inflation rate although highest in 1974 at 17.4 per cent, the inflation has been kept relatively low after the first oil shock, averaging below 4 per cent from 1975 to 2009. Although unemployment rate was relatively higher for the first 2 decade during the implementation of NEP, it averages below 4 percent during the implementation of New Development Policy (NDP) and National Vision Policy (NVP). Graph 2 illustrates the incidence of poverty in Malaysia from 1970 to 1999. The total poverty of incidence shows a declining pattern up to 1997 but the rate moved up slightly in response to the Asian Financial Crisis. 85,900 households poverty in urban areas was reduced to 57,100 in 1993 whereas rural poverty reduced from 791,800 households to 268,200 in 1993. The large decrease in poverty incidence was a result from the growth in the economy, which created job opportunities in the non-traditional sectors (Zin ). FACTORS BEHIND MALAYSIAS ECONOMIC GROWTH Implementation of NEP (1971-1990) One of the major factors that boost Malaysias economic growth was the implementation of the New Economic Policy (NEP) from 1971-1990. According to Athukurola, at independence, native Malays accounted for 52% of the population and dominated politics but were relatively poor as involved mostly in low-productive agricultural activities(Barlow, 2001). However, the ethnic Chinese comprising 37% of the population enjoyed greater economic strength and dominated the most modern sector activities(Barlow, 2001). Of the 49 per cent of household in peninsular that received an income below the poverty line, 88 percent were found in the rural areas. Farmers made up 48 per cent and 30 per cent were farm or estate labourers. (Cho, 1990 p.68) Hence, the NEP prime objectives were to attain national harmony and inter-racial economic parity by eradicating poverty irrespective of race and to eliminate the association of race with economic role by reforming the society (Gomez Jomo, 1999, p. 24). For the former, the overall development plan was reformulated with emphasis on EOI, and development program on rural and urban areas (Menon 2008). The latters objective called for greater government intervention mainly on ethnic affirmative action, which includes accelerating expansion of the Malay middle class, accumulating Malay ownership of share capital in limited companies and producing Malay entrepreneurs (Gomez). In conjunction with the NEP, the main aim of the First Malaysia Plan (1996-70) was to promote agricultural and industrial activities so as to diversify the economy and create employment. Accordingly, the focus was on labour-intensive import and export substitution(). Hence, to achieve these goals, part of the NEP aimed at changing the employment patterns in the urban areas to reflect the racial composition of the country, and increasing Bumiputera equity in corporate ownerships from 2% in 1970 to 30% by 1990 (Menon). In order to achieve the restructuring objective, th e government established a large number of public enterprises such as Petronas(National Oil Corporation), Malaysian Airline System (MAS), and the Heavy Industries Corporation of Malaysia(HICOM) as well as trust agencies such as National Equity Corporation(PNB) and Amanah Saham Nasional (ASN) (Toh, 1989). Emphasis on EOI Industrialisation appears to be the key sector that led to economic growth in Malaysia. The export coefficient (total merchandise exports as a percentage of GDP) of around 50% in 1965 1880 increased modestly during the 1970s slowed in the first half of the 1980s and rose sharply from about 1987( Athukurola). The ratio was 96% in the mid-1990s. Malaysias export coefficient was the third largest in the developing world in the decade up to the late 1990s coming after the 170 percent of Singapore and 140 percent of Hong Kong. During the 1970s increasing commodities prices were a major determinant of high growth rates. (Africa). The fast-growing manufacturing industry became known as the engine of growth to the country (rasiah rajah). Based on table above, manufacturing sector contributed constant growth rates to the GDP throughout the years and during the NEP period, the percentage rose from a mere 13.9 percent to a substantial share of 27 percent. The Second Malaysia Plan (1971-75) paid much attention to EOI, in addition to increased direct government participation in commercial and industrial activities which signalled a drastic departure from the earlier practice. Structural changes in the Malaysian economy are also reflected in the changing pattern of sectoral employment, with the contribution of agriculture to employment declining from 53.5 per cent in 1970 to 15.2 per cent in 1997 and that of manufacturing rising from 8.7 per cent to 27.5 per cent over the same period (Table 2). Under the Third Malaysia Plan (1976-80), resource-based industries were given a boost, thanks primarily to the discovery of oil and gas. Education and training in the field of industrial engineering were given much emphasis, to relieve shortage of skilled manpower.Among some of the efforts that drove EOI was the opening of Free Trade Zones and licensed manufacturing warehouses in 1972(Jomo,p. 119) The main task of the Fourth Malaysia Plan (1981-85) was to boost productivity, expand the industrial base and modernise the services sector. In addition, small-scale industries were promoted through the provision of training and financing facilities. The Malaysian government had a heavy hand in the launching of the ambitious heavy industrialisation programme in the early 1980s. The establishment of Heavy Industries Corporation of Malaysia (HICOM) was a strong manifestation of direct government involvement in the countrys industrial development. To both deepen the industrial structure and extend the into high value industries, formed HICOM, a series of heavy and chemical firms in sectors such as steel, cement, automobiles,chemicals, and paper and pulp(Ritchie p.749) Apparently, the policy decision in favour of heavy industrialisation was inspired by the Korean model of industrial development based on the practice of picking winners. In fact, the First Industrial Master Plan (1985-95) had Korean fingerprints all over. The Malaysian heavy industries have been in trouble, saddled with high production costs, heavy debts, market glut and excess capacity. They are simply uncompetitive. They could not have survived, had it not been for state patronage and strong protection. Contribution of FDI to Malaysias Economy Foreign direct investment(FDI) also contributed largely to Malaysias economy. A large number of empirical studies on the role of FDI in host countries suggest that FDI is an important source of capital, complements domestic private investment, is usually associated with new job opportunities and enhancement of technology transfer, and boosts overall economic growth in host countries(Karimi Yusop). To attract a larger inflow of FDI, the government introduced more liberal incentives including allowing a larger percentage of foreign equity ownership in enterprise under the Promotion of Investment Act (PIA), 1986. This effort resulted in a large inflow of FDI after 1987(the inflow of FDI grew at an annual average rate of 38.7 percent between 1986 and 1996). The major areas of investment by foreign companies are in sectors such as electronics and electrical products, chemicals and chemical products, basic metal products, non-metallic mineral products, food manufacturing, plastic products , and scientific and measuring equipment.(Ministry of Finance, 2001). Apart from these policy factors, it is generally believed that sound macroeconomic management, sustained economic growth, and the presence of a well functioning financial system have made Malaysia an attractive prospect for FDI. (Ministry of Finance, 2001). Foreign direct investment (FDI) has been seen as a key driver underlying the strong growth performance experienced by the Malaysian economy. Policy reforms, including the introduction of the Investment Incentives Act 1968, the establishment of FTZs in the early 1970s, and the provision of export incentives alongside the acceleration of open policy in the 1980s, led to a surge of FDI in the late 1980s. WHERE FROM HERE? In determining the future of Malaysia, the government has implemented the National Vision Policy (NVP) First we need to be independent. Local market too protected by the government. Proton. CamPro CONCLUSION To sum up, the economic growth was mainly a result of government outward-oriented policy stance government redistributive policies The profile of the Malaysian economy has changed radically since 1970. It is no longer dependent on a few primary commodities. Its production base has broadened, with manufacturing accounting for a growing share of national output and employment. The Malaysian economy has become more open and outward looking over the years.

How does the author make Lennie a sympathetic character? Essay

In â€Å"Of Mice and Men† John Steinback makes Lennie a sympathetic character by his description of his character as well as his physical appearance. Lennie is also revealed by the author through the other charactersà ¯Ã‚ ¿Ã‚ ½ perceptions of him and how Lennie interacts with them. Lennie’s attitude and actions are not the same towards all the characters in the story. He gets along well with some of the characters in the story and with some he doesn’t. The first impression the reader gets of Lennie is ironically his size. He is described as â€Å"opposite† to George with â€Å"†¦a huge man, shapeless of face, with large, pale eyes, with wide sloping shoulders and he walked heavily†. But we are contradicted in this. John Stienbeck uses descriptions of animals to describe Lennie. When he drinks water from the pool his action is described as â€Å"snorting into the water like a horse†. When he moves and walks he is described as a â€Å"bear† when it drags its paws. He is described by John Steinbeck as a very simple character who has the innocence of a small boy who doesn’t know how much harm he is doing to the rat or in Lennie’s case to Curley’s wife. When Lennie and George are on their way to the ranch, Lennie shows his innocence when he says â€Å"I won’t get in no trouble, George. I ain’t gonna say a word†. After he kills the mouse, he says â€Å"I wasn’t doin anything wrong with it, George. Jus’ strokin’ it.† From the first part of the story when the autor gives us the physical description of Lennie, we see Lennie is a gentle giant whose strength is way far out ways his brain. Although Lennie is described as being immensely strong and physically big, his actions reveal a gentle, friendly person underneath. He has a very soft character because whenever Lennie makes George angry, he gets upset like a small child. Steinbeck describes his actions as those of a â€Å"a terrier†, he says this when he refuses to bring the mouse to George, he is like a â€Å"a terrier who doesn’t want to bring a ball back to its master†. He is also described as â€Å"a bull† and like â€Å"a sheep†. â€Å"Lennie covered his face with his paws and bleated with terror†. Another example of when he acts like an animal is when he â€Å"growls back to his seat†. When we read that he is cuddling the pup, it tells us how much me loves animals and when he kills it he doesn’t kill the animal on purpose because he doesn’t know how strong he is, When he doesn’t know his own strength â€Å"I was only petting it. Another occasion is when Lennie crushes Curley’s hand and then later on he says, â€Å"I didn’t wanta hurt him†. At one point he acts like a child who gets attracted to things he likes, for example- the pup and Curley’s wife’s hair when she asks him to move his hand over it. When he likes something, he sticks to it and doesn’t leave it because he doesn’t know how much harm he is doing to it. So, Lennie is a friendly person who doesn’t understand how strong he is or the consequences of his strength. Therefore, Lennie is described as a simple person who has low intelligence but also a very strong person. Another consequense of his simplicity is that he depends on George to help and guide him over small things. He needs George to take care of his work permit. Lennie cannot differentiate between things which are right and wrong and needs George to help him with that. For example, Lennie doesn’t realise that Curley’s wife is a seductive woman and he often speaks to her. But he stops speaking to her after George tells him that â€Å"Don’t you even take a look at that bitch. I don’t care what she says and what she does†¦.but I never seen no piece of jailbait worse tan her.† He makes him understand that and tells him not to speak to her. He makes him realise that she isn’t the right type of woman to talk to. Another consequence is when Lennie is drinking water from the pool and is told off by George to not to drink from it. He says because â€Å"its scummy†. He treats him like a child and needs to be told every moment to what to do and what not to do like when he drinks the water from the pool, George tells him â€Å"You gonna be sick like you was last night†. This tells us how much care George has for him because if Lennie falls sick and if he dies, then there wouldn’t be anyone for George to be with as during the Great Depression, the ranchers used to be alone without any friends. George didn’t want that to happen. Due to Lennie’s lack of intelligence the other farm hands treat him differently and sometimes, Curley’s case, crudly. He doesn’t get along very well with all the members of the farm, for example with Curley and his wife. Curley hated him from the first time because â€Å"He hates big guys†. When Lennie crushes Curley’s hand, we are pleased that, in Lennie’s grasp â€Å"Curley was flopping like a fish on a line,† but Steinbeck does not write fairy tales where good triumphs and evil is punished. In the cruel reality of life,it is Lennie who will be destroyed and Curley who will continue to torment anyone who threatens his ego. The same thing is also with Curley’s wife because he wants to obey to what George told and he tells her â€Å"I ain’t supposed to talk to you†. Slim describes him â€Å"Lennie’s jes’ like a kid. There ain’t no more harm in him than a kid neither, except he is so strongâ₠¬ . This tells us that he is as harmless as a child and he can be harmful when it comes to situations where he cannot survive in a world of cruelty, selfishness and contempt. Throught the story, he is described as a sympathetic person in loving terms. When he says â€Å"he’s a nice fella. Guy don’t need no sense to be a nice fella†,it tells us that he enjoys the company of Lennie and he gets along well with him. He treats him and listens to him like a kid. Lennie always wants to be with someone. For example when George leaves him and goes to the bar, he cannot be by himself. The only person whom he knows who doesn’t go out is Crook because he is regarded as a â€Å"nigger† by the farm hands. The people in the farm regard him as that all black men are â€Å"crooks†. He is different from the other farm hands because the farm members treat him as an outcast as he is â€Å"black†. Therefore, from what I have read and analysed I can say that George stands as a father for Lennie as he takes care of him, serves him food, tells him the difference between right and wrong. As a consequence of all these factors, the final scene is heart breaking for the reader when George shoots Lennie. He himself chooses to shoot Lennie because a father would rather shoot his son himself rather than let anyone else shoot him. He tells Lennie to go over and tell him about the dream while he aims the gun behind him to shoot him. This is a very sad and controversial scene because Lennie is dreaming about having his own farm where he can tend his favorite animals like the rabbits, rats, etc whereas George goes through a very bad moment in which he has to shoot his best mate. Lennie himself doesn’t know that his best friend is going to shoot him.

Parenting Styles An Effective Parenting Style - 988 Words

Parenting style can influence whether a child succeeds or merely survives. The authoritative parenting style may be an effective parenting style in theory, however like communism, it is not as effective in practice. Children need to learn through friendships and develop social skills. Being able to connect to the outside world expand the mind and imagination, giving the children skills that help them think critically. On the other hand, being a permissive parent can also damage the child’s development. While letting the children succeed on their own, they provide the child with a lack of drive and motivation to achieve. In 1931, James Truslow Adams wrote, life should be better and richer and fuller for everyone, with opportunity for each according to ability or achievement. Most Americans perceive a college education as a gateway to the American Dream. Collectively, with our current education system, to succeed means to get exemplary grades in school. And to get exemplary grades in school, you have to study harder than all the other kids. Statistically, parents who set high standards tend to have children who are more successful at school. As Amy Chua stated, â€Å"0% of the Chinese mothers believe that stressing academic success is not good for children.† The authoritative parenting seeks to set rules and guidelines that are in the best interest of the child. The rules are set to keep the child safe and to provide a gateway to the world. However, They make it clear that theyShow MoreRelatedParenting Styles : An Effective Method Of Parenting1597 Words   |  7 PagesParenting Styles In today’s society, many parenting methods make their way to the forefront of parenting styles. Among these methods includes tiger parenting, Western parenting, and helicopter parenting. All of these methods are commonly used, even though some of the techniques used may be seen as extreme. There is controversy over which parenting style is the most effective, or which results in the most successful children. As many people believe, helicopter parenting is an extremely effectiveRead MoreEssay on An Effective Parenting Style993 Words   |  4 Pageswrong. According to the Wikipedia, â€Å"Parenting style is a psychological construct representing standard strategies that parents use in their child rearing.† As parents use the technique to raise their children, they also shaped their value and personality. â€Å"Parenting style considers the balance between two aspects of parenting, namely, control, and warmth† (Ginsburg, Durbin, Garcias-Espana, Kalicka, and Winst on, p. 1041). The most commonly heard parenting styles are authoritative, authoritarian,Read More Effective Parenting-Early Development, Various Parenting Styles and Discipline1744 Words   |  7 Pages talk and underlying emotions such as love, trust and happiness. 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Essay about Shakespeares Bias on Religon in The Merchant...

In Shakespeare’s The Merchant of Venice there is a palpable hatred between the Jewish moneylender Shylock and the privileged prodigal Christians Bassanio, Lorenzo, Antonio, Gratiano and Portia. History shows that Jews have long been persecuted and despised for not accepting Christianity, Islam or other religions of the majority as their own. Yet choice of religion is not the cause for the two cultures abhorrence. Their detestation is much more deep-rooted; it stems from their antithetical cultural beliefs. Shakespeare depicts lifestyles; morals and values that completely oppose each other, the very natures of his Christian characters cancel Shylock’s defining characteristics. The closed-off, cautious, restrained, simple, lonely man is†¦show more content†¦Shylock can be viewed as the villain cackling over his jewels, his daughter and his ducats, or as the victim, striped of his religion, daughter and wealth; but Shakespeare has another purpose. More compl ex than a caricature, Shakespeare uses Shylock to underscore the differences between the Christians of the time and people who think differently. The wealthy Christians in the play live decadently and lavishly, while Shylock lives a more restrained and paired down life. His speech, unadorned with figurative and metaphorical talk, is logical and plain, paralleling his simple Jewish gaberdine apparel. He values the physicality of money and is therefore frugal with his wealth. This is juxtaposed to Bassanio’s and Lorenzo’s spendthrift natures, which exhaust all their prosperity and cause them to search for wealthy wives in order to sustain their prodigal lifestyles. Bassanio’s first description of Portia, â€Å"In Belmont is a lady richly left† displays his interest in her wealth and fortune. Similarly Lorenzo states of his wife â€Å"In such a night did Jessica steal from the wealthy Jew, and with an unthrift love did run from Venice.† In another bifurcation of the two cultures, Shylock is shown to live a