The Southeast Asian Financial Crisis: Malaysia Rejects Economic Orthodoxy

Douglas Sikorski
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Douglas Sikorski: Department of Business Policy Faculty of Business Administration National University of Singapore Kent Ridge Crescent, Singapore 119260

Jurnal Ekonomi Malaysia, 1999, vol. 33, 21-41

Abstract: Pinpointing the actual forces at work in the Asian Financial Crisis, especially politics and other non-market factors that contributed substantially to the loss of confidence, has not been easy. The causes of the crisis might be interpreted as either a failure of Asian capitalism, or alternatively a failure of market capitalism. The first interpretation obviously has a great deal of substance, and Malaysian economic institutions and public policy are not blameless - reckless over-expansion and credit growth, a pegged currency, political imbroglios, etc. Obviously, Malaysia needs to restore confidence in its financial institutions and practices. But Prime Minister Dr Mahathir Mohamad has rejected economic orthodoxy in favour of a more radical strategy. His dramatic gambit has some inetelectual legitimacy based an a revisionist movement in economics and may well herald what will be the “new architecture†of the international monetary system.

Date: 1999
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