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Financialisation and the Malaysian political economy

By Lena Rethel

Abstract

This paper argues that taking a short-term look at Malaysia's response to the financial crisis of 1997–1998 does not adequately assess the socio-economic transformation that was propagated by the crisis. Most importantly, it falls short of accounting for the shift from a bank-based to a capital market-based financial system that occurred in post-crisis Malaysia and the ensuing increasing financialisation of Malaysian capitalism. This shift has significantly affected both corporate and individual financial cultures and led to the emergence of a new politics of debt. It coincides with rising levels of household indebtedness. Moreover, it has set in motion a metamorphosis of the institutions set up to govern Malaysian capitalism

Topics: JC, JQ, JZ
Publisher: Routledge
Year: 2010
DOI identifier: 10.1080/14747731003798476
OAI identifier: oai:wrap.warwick.ac.uk:43057
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