The Malaysian economy has entered a critical phase. Integrated into the global trading system as part of an export-led economy and driven by foreign direct investment, the economy today is feeling the effects of a global slowdown.
Compounding the problem are other structural weaknesses in the BN government’s economic model that tell us that it simply cannot be business as usual for much longer.
Unfortunately, the mainstream economic framework does not have an integrated world-view that encompasses a broad range of inter-connected issues. The framework does not look at how economic policy is contributing to widening income inequalities, indebtedness (individual and national), the weakening position of labour, sustainable development and climate change.
This cover story in the last issue of Aliran Monthly is not meant to be an indepth analysis. Rather it brings together some of the fundamental issues affecting us all and calls for them to be adequately integrated into mainstream economic planning. Full article.