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L
IBERALISING
M
ALAYSIAN
E
CONOMY
?
A response to the proposed ‘New Economic Model’
Kwek Kon YaoAfif AbdullahWan Saiful Wan Jan
www.IDEAS.org.my
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BOUT
I
NSTITUTE
F
OR
D
EMOCRACY
AND
E
CONOMIC
A
FFAIRS
(IDEAS)
IDEAS is Malaysia’s first think-tank dedicated to promoting market-based solutions to public policy challenges. We are an independent notfor profit organisation. As a cross-partisan think tank, we work acrossthe political spectrum. Our purpose is to advance market-basedprinciples, and we are not bound by party politics, race or religion.IDEAS is inspired by the vision of Tunku Abdul Rahman Putra al-Haj, thefirst Prime Minister of Malaysia, who stated in the 1957 Proclamation of Independence that Malaysia should:“be for ever a sovereign democratic and independent Statefounded upon the principles of liberty and justice and everseeking the welfare and happiness of its people and themaintenance of a just peace among all nations”.IDEAS was officially launched on Monday 8 February 2010, inconjunction with the birthday of Almarhum Tunku Abdul Rahman Putraal-Haj, at Memorial Tunku Abdul Rahman Putra, Kuala Lumpur, in anevent attended by three generations of Tunku’s family. The mission of IDEAS is to improve the level of understanding andacceptance of public policies based on the principles of rule of law,limited government, free markets and individual liberty.
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BOUT
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HE
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UTHORS
Afif Abdullah and Kwek Kon Yao are Fellows at IDEAS. Wan Saiful Wan Jan is Chief Executive of IDEAS.© IDEAS, 2010Institute for Democracy and Economic Affairs (IDEAS)K3 Taman Tunku, Bukit Tunku,50480 Kuala LumpurEmail: admin@ideas.org.my Tel: 03 6201 6334Fax: 03 6201 5334Web:www.ideas.org.my This publication is produced with support from Friedrich NaumannFoundation for Liberty (Malaysia)
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www.IDEAS.org.my
Contents
This publication is produced with support from Friedrich Naumann Foundationfor Liberty (Malaysia) ......................................................................................... 2Contents ............................................................................................................. 3Introduction ........................................................................................................ 4What is a liberal economy? ................................................................................ 5An illiberal economy is doomed: Lenin, Stalin and economic planning ..............6Liberalisation and privatisation .......................................................................... 7Choosing which GLC to privatise ........................................................................ 9Minimum wage legislation is not part of a liberalised economic system .........10Foreign workers: liberalise our borders ............................................................ 11Plan to stop planning ....................................................................................... 12Conclusion ........................................................................................................ 133
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