The Riddle of Malaysian Capitalism

Is capitalism in Southeast Asia "real" or a "chimera"? Is capitalism in Southeast Asia sustainable? Malaysia, where an intimate relationship has been forged between the state and business in an interesting effort to create Malay capitalists, presents an illuminating case in the debate. This study identifies the complex interaction between the state, party (UMNO) and business as the source of dynamism or defeat in the development of Malay capitalists and challenges a common view that Chinese capital is completely different from Malay capital. The text argues against drawing sharp contrasts between dependency and self-reliance, between state and capital, and between rent-seekers and true "productive" capitalists. It is from that amalgam of categories and groups that the study concludes that a form of capitalism is emerging in Malaysia which is nonetheless remarkably dynamic, vibrant and resilient despite its unorthodox origins.