The Malay Agenda - Boon or Bane?
ZR got me thinking about a few things relating to the Malay Agenda, yesterday.
There is a sizable formal grouping in the country that believes that since the Malay and Bumiputra population make up close to 70% of the population, that from an economic parity perspective - they deserve to control 70% of the corporate equity (as measured on the Bursa Malaysia) and also 70% of the employment in all sectors.
I'll be the first to assert that disparities between population and economic wealth, generally has a destabilizing effect on political stability. Look no further than Indonesia, for your evidence. And of course, on our own May 13 incident.
And the NEP had been established in Razak era, to avoid the repeat of such an effect. Bear in mind, that back then, even when the Bumiputra population made slightly more than 50% of the population, the quantitative economic, wealth and employment targets were still pegged at 30%.
The reason for this, I believe, is that the intended effect is that the Bumiputra community will not be economically marginalized, within their own country.
It was meant to give them an "equitable" share of the Malaysian economic pie, given the racial demographics - a foundation on which they can build on later, to compete on an equal basis, with the other races.
The NEP was given a 20-year deadline - it was clear that it a temporary measure, which was meant to reverse the effects of over 100 years of the "divide and conquer" treatment by the British, which had caused the economic disparity.
The "Ketuanan Melayu" concept is a political one - that the Malays will always hold primary political power in Malaysia. This understanding is part of the social contract, by the founding fathers of this country.
And given current demographics and political scenario, no one disputes that UMNO is the ruling party of Barisan Nasional - despite the power-sharing formula, between the race-based political parties. The political realities, reflect this - the Malays are politically dominant, via UMNO.
But trying to change the "Ketuanan Melayu" concept to an economic one - where economic wealth correlates to the racial demographics, giving the Malays a 70% dominant share - is living in a fantasy world, that ignores current realities.
It's social reengineering that is suicidal and unthinkable, in this competitive age of globalization. It's a dangerous ideal, formed by those with blinkers. It's a gamble of "menang sorak, kampung tergadai".
Over a period of close to 35 years after the NEP, the Bumiputra corporate equity share in the economy, is barely 20%. If the "leaks" by the Bumiputra share beneficiaries had not happened, (via selling off their shares to other races), the 30% target would have been close to achieved, even before the economic crisis.
How much political intervention would it take for the Bumiputras to reach an even higher target of approximately 70%?
How much inefficiencies, leaks and bail-outs, (on taxpayer's money, of course) will we have to tolerate within the economy, before we reach the target? How much competitiveness shall we intentionally erode, before we turn Malaysia into some of our almost mono-racial regressive neighbours?
And shall we let the (perceptibly) most successful Muslim country in the world fail, due to our greed to translate "Ketuanan Melayu" into an economic equation? How much brain drain from other Malaysians, are we willing to tolerate?
Stop this nonsense of 70%, please. It will destroy this country.
Come back to the original storyline - achieve the 30% corporate equity by 2020, create a competitive Bumiputera commercial, industrial and technology class we can be proud of and let all Malaysians compete on an equal basis, thereafter, but with special protection for the poor of all races, ONLY.
The world is changing around us and forcing us to compete. There is no point in being the economically-dominant race of a much poorer country. Better to share a bigger pie, for the benefit of all. Malaysia is competitive, BECAUSE it is multi-racial and diverse. It's our strength - don't murder it.
But ZR asked me - how do we turn the tide? I had no answers to that.
I can only pray that good sense will overcome racial prejudice, in the political circles. Allow the zealots between us to take over the dialogue and we would have signed the economic death warrant, for this country.
There is a sizable formal grouping in the country that believes that since the Malay and Bumiputra population make up close to 70% of the population, that from an economic parity perspective - they deserve to control 70% of the corporate equity (as measured on the Bursa Malaysia) and also 70% of the employment in all sectors.
I'll be the first to assert that disparities between population and economic wealth, generally has a destabilizing effect on political stability. Look no further than Indonesia, for your evidence. And of course, on our own May 13 incident.
And the NEP had been established in Razak era, to avoid the repeat of such an effect. Bear in mind, that back then, even when the Bumiputra population made slightly more than 50% of the population, the quantitative economic, wealth and employment targets were still pegged at 30%.
The reason for this, I believe, is that the intended effect is that the Bumiputra community will not be economically marginalized, within their own country.
It was meant to give them an "equitable" share of the Malaysian economic pie, given the racial demographics - a foundation on which they can build on later, to compete on an equal basis, with the other races.
The NEP was given a 20-year deadline - it was clear that it a temporary measure, which was meant to reverse the effects of over 100 years of the "divide and conquer" treatment by the British, which had caused the economic disparity.
The "Ketuanan Melayu" concept is a political one - that the Malays will always hold primary political power in Malaysia. This understanding is part of the social contract, by the founding fathers of this country.
And given current demographics and political scenario, no one disputes that UMNO is the ruling party of Barisan Nasional - despite the power-sharing formula, between the race-based political parties. The political realities, reflect this - the Malays are politically dominant, via UMNO.
But trying to change the "Ketuanan Melayu" concept to an economic one - where economic wealth correlates to the racial demographics, giving the Malays a 70% dominant share - is living in a fantasy world, that ignores current realities.
It's social reengineering that is suicidal and unthinkable, in this competitive age of globalization. It's a dangerous ideal, formed by those with blinkers. It's a gamble of "menang sorak, kampung tergadai".
Over a period of close to 35 years after the NEP, the Bumiputra corporate equity share in the economy, is barely 20%. If the "leaks" by the Bumiputra share beneficiaries had not happened, (via selling off their shares to other races), the 30% target would have been close to achieved, even before the economic crisis.
How much political intervention would it take for the Bumiputras to reach an even higher target of approximately 70%?
How much inefficiencies, leaks and bail-outs, (on taxpayer's money, of course) will we have to tolerate within the economy, before we reach the target? How much competitiveness shall we intentionally erode, before we turn Malaysia into some of our almost mono-racial regressive neighbours?
And shall we let the (perceptibly) most successful Muslim country in the world fail, due to our greed to translate "Ketuanan Melayu" into an economic equation? How much brain drain from other Malaysians, are we willing to tolerate?
Stop this nonsense of 70%, please. It will destroy this country.
Come back to the original storyline - achieve the 30% corporate equity by 2020, create a competitive Bumiputera commercial, industrial and technology class we can be proud of and let all Malaysians compete on an equal basis, thereafter, but with special protection for the poor of all races, ONLY.
The world is changing around us and forcing us to compete. There is no point in being the economically-dominant race of a much poorer country. Better to share a bigger pie, for the benefit of all. Malaysia is competitive, BECAUSE it is multi-racial and diverse. It's our strength - don't murder it.
But ZR asked me - how do we turn the tide? I had no answers to that.
I can only pray that good sense will overcome racial prejudice, in the political circles. Allow the zealots between us to take over the dialogue and we would have signed the economic death warrant, for this country.
posted by Stingrayz | 5:03 AM
3 Comments:
Pray a lot dude...
it's a good read. thanks.
makes a lot of sense to most people but taking into consideration the political implication of not pursuing this policy would be suiside:)
therefore good read.
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