What is “Mahathirism” was all about?

In 24 years of managing the economy post independence, primary products dependent and secondary low end manufacturing economy, Tun Dr. Mahathir had brought Malaysia to be the most promising new ‘tiger cub’ economy of East Asia, after South Korea, Taiwan and Singapore. The economic growth was promising enough that by 1990, the consistent expansion of 8% coupled with the vast economic and human capital resource available, meant Malaysia had potential to be developed nation status. Hence, in 1991, the ‘Vision 2020’ was launched and Malaysia was driven towards a developed economy within 30 years.

It was during this time infrastructure, especially logistics were developed immensely. This enabled the economic growth to be more robust. The single most important infrastructure project which is thought to the backbone of Malaysian economic growth is the ‘North South Expressway’, fully completed and operational by 1993. Of course one should not forget the development of ports like North Port and West Port in Klang, Kemaman Port and the latest, which managed to take on the “giant” in this region, the Port of Tanjung Pelepas. Then there is also the new Kuala Lumpur International Airport (KLIA), moved from Subang to Sepang. KLIA managed to somewhat gave a direct competition against Changi, Singapore.

Malaysia managed to move upwards in the industrial sector. It became a preferred destination for investments in the electronics and ICT industry by the early 90s. Of course, the once primary based economy of this once a British colony took a bold move under Tun Dr. Mahathir’s stewardship and gambled on going into high technology. Proton rolled out its first car in 1985. Within less than 15 years of promising growth, Proton not only recovered the Federal Government initial investment by 20 times, also managed to developed their “Detroit like auto city” in Tanjong Malim with purely internally generated funds.

The economy also went into diversification where more services sector was introduced, to support the growing physical economy. Capital and financial market related services grew exponentially during this economic boom era. Wall Street, European and Japanese firms were busy setting up offices and alliances with local firms. More so, during the ultra bullish period of the Malaysian capital market in early to late nineties.

Let’s not forget Tun Dr. Mahathir’s strong vision of Malaysia to play the ‘catch up’ game of being a developed nation, with the launch and high octane drive on the Multimedia Super Corridor (MSC). A dedicated ICT city was developed, Cyberjaya, to make sure the industry has a home. Mastering the game is one single most strategic vision and policy Tun Dr. Mahathir had to place Malaysia well into the top echelon of then, a dynamic world with the globalization challenges.

Construction and property development sector is one of the most rapid and progressive within the economy, throughout Tun Dr. Mahathir’s time. Physical and tangible growth is promoted and it has a far reaching spiral and multiplication effect into the economy. The spin off of this is that Malaysian corporations managed to place themselves as an international player, elsewhere.

The management of the nation’s most important mineral was in good hands, during the Mahathirism era. Petronas, which started as a joint venture partner with major players, evolved into becoming the lead in markets elsewhere. The corporation emerged as the most profitable state owned oil company in the world and currently, exploring in 20 different countries. Petronas is now taking head on against once their own senior partners. Petronas also diversified into becoming a world class premium property developer and a formula one motor sport co-owner.

Private sector driven economic growth is encouraged and promoted during the Mahathirism. His privatization policies, amidst strong criticism, helped to propel the nation much further and enabled its full potential. Government no longer involve with services, which was transferred into private sector hands. This gave the edge of lesser public capital expenditure (CAPEX) and reaped better returns, from taxes and dividends earned. The Government promoted the ‘Malaysian Incorporated’ policy, where the public and private sector jointly rolled up their sleeves and achieved progress, especially in economic programs.

During Tun Dr. Mahathir’s tenure, the nation saw through two economic recession period; one in the mid eighties and the other after the Asian financial crisis (1997-98), from the deliberate attack by rogue currency traders. In both cases, the country’s economy was managed to be put on track and saw rapid recovery and growth. Especially in 1998, where Tun Dr. Mahathir enforced radical capital and currency control measures, which saw tough criticism from the global players. In no time, they have to eat their own words back and affirmed the ‘doctor’s’ prescription really worked.

In all, in 25 years (1980-2005), the Malaysian economy grew by almost a whopping figure of 500%. At his retirement, Tun Dr. Mahathir had placed the Malaysian economy and the system at its best.

Developmental economics, especially taken into the perspective as a world class player, cannot simply be taken without talking about international politics. Between 1981-2003, Malaysia has placed itself as a force to be reckoned with, within the international diplomacy. Tun Dr. Mahathir, is his attempt to detach and our over dependence and reliance on Britain as a former colonial master, adopted the “Buy British last policy”, which irked Margaret Thatcher, Britain’s most prolific leader (in the perspective of economy) end of the 20th century. In the same breadth, Malaysia went into the “Look East Policy”, which benefited us immensely.

Then Malaysia promoted the expansion of ASEAN, to include nations which were non favorable to the West like Vietnam, Cambodia (then Kampuchea) and Laos. Of course, Malaysia pushed for Myanmar to be included. Malaysia, is a founding member of ASEAN Free Trade Area.

There were international armed conflicts which Malaysia played pivotal role. Malaysia was the solitary voice against the bloody Balkan conflict, when Muslim Bosnians were slaughtered by their own neighbors and kin, in a genocide far worse than those of World War II in Europe. Malaysian armed units participated peace keeping missions in Bosnia, Iraq-Kuwait, Lebanon, Cambodia and the most memorable, Somalia where the Royal Malay Regiment earned their international accord for bravery.

Tun Dr. Mahathir as a world leader should not be mentioned without his role in promoting the South-South Cooperation. As a spin off, Langkawi International Dialogue was created and a mirror, South African International Dialogue. Much can be said about his vocal and unrestrained opposition against the white hegemony, back by the international Jews. As such, first time in history, a leader of a nation was elected the Chairman of the Non Alignment Movement and Organization of Islamic Countries, in the same time.

That earned many stars for the man and naturally, the nation. Superpower leaders such as Russian Vladimir Putin, French Jacques Chirac and Chancellor Gerhard Schrodder called on him here in Kuala Lumpur. He also had good relations with Jiang Zemin and Hu Jintao of China.

In the final analysis, observed where the common Malaysians have been placed within the past 28 years. They say, “the proof of the pudding is in the eating”. The standard of living and income per capita says it all. The number of Malaysians, especially in previously under developed and deprived communities being allowed education all the way and ability to get jobs contributed immensely on the household progression. The number of unit trust schemes introduced since 1981, also illustrated the progression. The socio-economic transformation of Malaysians, especially the majority is significant, despite the challenges it faced being in a very complex multi pluralistic society and external variables.

Of all these, promoted Malaysia into being the 17th most important trading nation in the world. By far, the Mahathirism era brought upon progress to all of us and this beloved Malaysia.

We want someone to bring back all of the progress brought along during the ‘Mahathirism’ era.

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