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Distributed for National University of Singapore Press

Law, Institutions and Malaysian Economic Development

This pioneering volume develops an institutionalist analysis of Malaysia’s post-colonial economy by exploring the political economy of development and particularly the interface between economics and law. The various authors show that economic policy initiatives in Malaysia have often been accompanied by corresponding legislative and regulatory reforms intended to create an appropriate legal environment, and that economic problems or crises arising from earlier policies have led to major legislative innovations.

The volume begins with a survey of Malaysia’s colonial legal heritage and significant postcolonial developments, and the relationship between economic change, institutional developments and the law. Colonial land law transformed the rural Malay population, and the authors show that the routine depiction of this sector of the economy as a “traditional” relic of the pre-colonial era is misleading. With regard to industry, the government changed course after independence, promoting manufacturing investments and technological progress, and forging new industrial relations between the state and trade unions. Drawing on this background the book rejects claims that corporate governance failures caused the financial crisis of the 1990s, and criticizes claims for the superiority of Anglo-American arrangements for corporate governance.

304 pages | 6 x 9

Asian Studies: Southeast Asia and Australia

Economics and Business: Economics--Development, Growth, Planning, Economics--History

Law and Legal Studies: Law and Economics

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Table of Contents

1. Making Malaysia Legally
Wong Sau Ngan and Jomo K.S.
2. The Political Economy of Post-colonial Transformation
Jomo K.S. and Chang Yii Tan
3. Post-colonial Legal Developments
Wong Sau Ngan
4. Financial Sector Legal Developments
Wong Sau Ngan and Shanthi Kandiah
5. Colonial Land Law and the Transformation of Malay Peasant Agriculture
Jomo K.S.
6. Labour Laws and Industrial Relations
Jomo K.S. and Vijayakumari Kanapathy
7. Investment and Technology Policy: Government Intervention, Regulation and Incentives
Jomo K.S.
8. Institutional Initiatives for Crisis Management, 1998
Wong Sook Ching and Jomo K.S.
9. Corporate Governance Reform for East Asia
Jomo K.S.

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