I was exchanging emails with an old friend a couple of days ago. He was an entrepreneur in Malaysia who was respected and perhaps envied. He built a valuable empire and achieved success very quickly, as his drive and ambition were potent forces which propelled forward not just himself but those around him as well. Unfortunately he was caught in a mire of the worst possible case of political (mis)patronage, corruption and utter greed. Powers that be wanted what he has built and practically stole it. He packed up, went abroad and started rebuilding. When the powers that be ebbed, he returned and re-invested in Malaysia and again proved very successful. He however, has been bitten once. His investment in Malaysia is now only a fraction of his other businesses elsewhere. And he no longer calls Malaysia home. He goes to Malaysia only for what profits his investment there can earn for him. He still has a tinge of bad feelings. He felt bad, I could sense, that his relationship with his country of birth is now purely business. He says he thought of writing about the economic malaise of Malaysia but no longer feels he cares enough to do that. Even as he said that, I could sense a bit of pain. He is hurting for not being able to show more love and devotion to his country of birth. If he wrote such a piece, I’m sure people would sit up and listen. I told him so. He was an economist, and probably still is. Investment banking chiefs still respect and consult with him. What was his complaint? Not that he was robbed, justifiable that may be. He is just tired of dealing with idiotic and corrupt bureaucrats, Bumi quotas, trust arrangements, and such other malaise. Another successful businessman who is now in Melbourne and whose company I am pleased to often share, has recently been saying to his associates in Malaysia: the biggest problem with Malaysia is now the NEP. Yes, I believe Malaysia can be world beater, but only if the NEP is given its due burial. No re-hashed, not revised, just buried. Forget about that baggage labelled “social contract”. Deng Xiaoping buried communism and said “Any cat, be it a black cat or a white one, which catches the mouse is a good cat”, Malaysia and its people should do likewise and bury that old garbage of a social contract and move ahead. At stake is its children’s future.
Ante 
It is UNREASONABLE to expect 80% of the wealth to be held by 20% of the population.Malaysia will see eruptions of riots of all forms if meritocracy is 100% in place ala Spore.Malaysia will become a developed state WITH some form of the NEP.kroni2u
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To kroni2u,I can see you mean 20% of Chinese holds 80% of Malaysian wealth. Some correction: actually the top 10% hold some 50+ % of the nation’s corporate wealth. Not so skewed as you say. And the top 10% -though consist of more Chinese -but not all Chinese. Nor are all Chinese in the top 10% ! Actually foreigners hold 30+% of Malaysia’s corporate wealth. So there are ethnic disparities -how to deal with it ? If you use ethnic approach -you get NEP type policy. COst : social tensions due to discriminations. You can also help those left behind on merit -avoiding social tension. This is the method avoided by BN/UMNO because UMNO want to play ethnic heros -and win votes. So we get the fruits from the seeds we sowed. A rather bitter fruit, unfortunately. South Africa has even greater ethnic disparity -it is principled enough to avoid the NEP type over-the-counter ethnic discrimination. And it is doing better by the day.
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