By John Drabble
An fiscal historical past of Malaysia, c.1800-1990 , presents the 1st common heritage of the Malaysian economic system during the last centuries, together with a survey of the pre-colonial period. a distinct characteristic is that it integrates the historic stories of Peninsular Malaysia, Sabah and Sarawak as a case examine within the onset of contemporary financial progress. specific realization is paid to explaining Malaysia's sign good fortune in attaining a comparatively tender shift clear of the first commodity export financial system of the colonial interval to near-NIC prestige by way of 1990.
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Extra resources for An Economic History of Malaysia, c. 1800–1990: The Transition to Modern Economic Growth
To facilitate exchange entrepot ports, or emporia, grew up at strategic points along these routes. The Malaysian region, in particular the Peninsula, lay astride the sea-route from the Indian Ocean to the South China Sea. The alternating patterns of the northeast and southwest monsoon winds gave the west coast facing the sheltered Straits of Melaka an advantage here. 1400) which will be the major focus in this section. The east coast of the Peninsula, less well situated, had entrepots in Terengganu and Pahang, among others.
Of the other factors of production, capital for investment in ﬁxed assets was less important than the circulating capital required for long distance trade (see next section). Land was so relatively abundant as to constitute a free good, and thus there was little incentive to economise on its use. Cash crops such as pepper and gambier were soil-exhausting, necessitating periodic moves to virgin land. The rural population was not tied to a particular area of land. If a ruler proved unduly oppressive, local chiefs and farmers had the remedy of ﬂight.
Singapore, and to a lesser extent Penang, also became important as gateways through which mercantile capital and immigrant labour ﬂowed into neighbouring states, particularly those on the west coast of the Malay Peninsula from the 1830s and 1840s (see Chapter 4). Britain’s formal involvement with the states in the Peninsula began in 1874, with a much wider territorial dimension than the SS, so the colonial bureaucracy there was concerned not only with trade but also the exploitation of the natural resources.
An Economic History of Malaysia, c. 1800–1990: The Transition to Modern Economic Growth by John Drabble