Events

CHAIRPERSON

Prof Tim Bunnell, Asia Research Institute, and Department of Geography, National University of Singapore

ABSTRACT

Malaysia’s New Economic Policy (NEP) from 1971-90 aimed to correct economic imbalances within the country’s multi-ethnic society, and in favour of Bumiputera (Malay and other so-called ‘indigenous’ groups). Simultaneously, the UK slumped from first to third place in Malaysia’s league table of international investors. Much of the existing literature on the NEP has focussed upon inter-ethnic contestation, particularly between Malay and Chinese economic interests, and the consequent adaptation of Chinese business elites to Malay-dominated, state-led capitalism. In concentrating upon what can be termed ‘economic decolonisation’, this paper takes a different tack by reconsidering the transnational and post-imperial dimensions of the NEP. It argues for the centrality of ex-colonial British businesses as the target and source base for restructuring after 1971. Moreover, the paper will demonstrate how both Sino-Malay collaboration and competition drove the downsizing of British investment (particularly in primary production) during the 1970s and 1980s. Drawing upon a wide archive base (in Malaysia, Singapore, the UK, the US, Australia and New Zealand), the presentation will also consider the long-term frustrations of Chinese capital with the British-dominated colonial business system. Additionally, it will discuss how the rejection of expropriation of non-Bumiputera Malaysian enterprise drove the NEP and furthered the exposure of the expatriate business sector. As such, the NEP, which was initially predicated on the principles of restructuring through growth, increasingly transmogrified into a grab of foreign- (and often British-) controlled natural resources.

ABOUT THE SPEAKER

Nicholas J. White is Professor of Imperial and Commonwealth History at Liverpool John Moores University, UK and Co-Director of Liverpool’s Centre for Port and Maritime History. His research focusses upon the history of decolonisation (especially in Malaysia, Indonesia and Singapore) and international business history (particularly ocean-going shipping). Nick’s previous books include Business, Government, and the End of Empire: Malaya, 1942-57 (Oxford University Press, 1996), British Business in Post-Colonial Malaysia, 1957-70: ‘Neo-colonialism’ or ‘Disengagement’? (Routledge, 2004) and In Trust: A History of PNB (MPH, 2018). With Professor Shakila Yacob (formerly Universiti Malaya), he is currently completing a monograph on British investment and the New Economic Policy in Malaysia.

REGISTRATION

Registration is closed, and instructions on how to participate in this hybrid event has been sent out to registered attendees. Please write to aritm@nus.edu.sg if you would like to attend the talk.