Was NEP successful in Malaysia?

We have to admit that the NEP has had its successes. Over the past five decades, hardcore poverty has been largely eliminated, the middle class has grown, the economy has been diversified and Malaysia has attained the status of an upper middle-income nation.

What does NEP stand for in Malaysia?

The New Economic Policy (NEP) (Malay: Dasar Ekonomi Baru (DEB)) was a social re-engineering and affirmative action program formulated by the National Operations Council (NOC) in the aftermath of 13 May Incident in Malaysia.

What were the main objectives of the New Economic Policy NEP?

Under the “New Economic Policy” (NEP)the objectives were to eradicate poverty and to redistribute wealth. The characteristics of the implementation processes of the NEP was that of governme-nt’s intervention through direct involvement in the economic activities and commercial sector.

Why was the New Economic Policy introduced in Malaysia?

Malaysia’s New Economic Policy (NEP) was announced in 1970 as part of a package of measures introduced after the political crisis of May 1969. It sought to ‘eradicate poverty’ and ‘restructure society to eliminate the identification of race with economic function’ in order to create the conditions for national unity.

Who introduced NEP?

Vladimir Lenin
New Economic Policy of 1921. The New Economic Policy (NEP) was an economic policy of the Soviet Union proposed by Vladimir Lenin in 1921 as a temporary relief for the Russian economy.

Was NEP successful?

The government also fixed prices, in an attempt to halt the scissor effect. The NEP succeeded in creating an economic recovery after the devastation of World War I, the Russian Revolution, and the Russian Civil War.

Who created Bumiputera?

Abdul Razak Hussein
The concept of a bumiputra ethnic group in Malaysia was coined by Abdul Razak Hussein. It recognised the “special position” of the Malays provided in the Constitution of Malaysia, in particular Article 153.

When was the New Economic policy introduced in Malaysia?

1970
Malaysia’s New Economic Policy (NEP) was first announced in 1970 as the principal policy response to the post-election race riots of May 1969, which also resulted in a significant regime change.

Why did the NEP fail?

Why did NEP fail? In the first view, NEP was abandoned because it was inconsistent with any further industrial development of a socialist kind, and its abandonment was therefore a rational economic decision.

Why is Cyberjaya called Cyberjaya?

Cyberjaya (a portmanteau of cyber and Putrajaya) is a city with a science park as the core that forms a key part of the Multimedia Super Corridor in Malaysia. Cyberjaya is adjacent to, and developed along with Putrajaya, Malaysia’s government seat.

How long did the NEP last?

1921 to 1928
New Economic Policy (NEP), the economic policy of the government of the Soviet Union from 1921 to 1928, representing a temporary retreat from its previous policy of extreme centralization and doctrinaire socialism.

Did the NEP fail?

The NEP represented a more market-oriented economic policy (deemed necessary after the Russian Civil War of 1918 to 1922) to foster the economy of the country, which had suffered severely since 1915. Joseph Stalin abandoned the NEP in 1928 with the Great Break.

Is Malaysia’s New Economic Policy (NEP) pro-poor?

Malaysia’s New Economic Policy (NEP) has been a subject of intense debate since its inception. Admirers have acclaimed it as unleashing pro-poor growth while critics have labeled it with terms like cancer. Both parties have valid points.

What is the New Economic Policy (NEP)?

The inception of NEP was earmarked by the second Prime Minister of Malaysia, the late Tun Abdul Razak. The policy set up in response to the racial riots which took place in 1969 and upon frustration caused by serious economic imbalances especially within ethnic groups as well as uneven economic development across the sector (Khoo Boo Teik, 1995).

When was the NEP announced and why?

The NEP was announced in June 1970 in the aftermath of the racial riots in 1969. Whatever is said about the immediate causes of the riots, the root cause for the unrest was socioeconomical imbalance.

What is Malaya’s economic diversification policy?

After independence, the Federation of Malaya government pursued a diversification policy to promote other economic activities. The government also acknowledged that dependency on rubber and tin as the main contributors to the national income could not be immediately reduced.