KUALA LUMPUR: The intricate web of economic strategies employed by former Malaysian Prime Minister Tun Dr. Mahathir Mohamad, aimed at empowering the Malay community, is now facing heightened scrutiny as experts label it a classic case of crony capitalism.
Despite Dr. Mahathir's attempts to frame his handpicked Malay businessmen as strategic tools for uplifting the community's economic status, analysts argue that this move is indicative of a historical pattern of cronyism – a practice that favors close associates, often at the expense of fair competition and merit-based opportunities.
Senior fellow at Nusantara Academy for Strategic Research, Dr. Azmi Hassan, contends that businessmen thriving under Dr. Mahathir's patronage may have contributed to his personal interests, revealing a pattern of crony capitalism rather than genuine economic empowerment.
""He used this as a justification to spur Malay affect withinside the Malaysian economy, however again, those businessmen need to be very near him, and this may be taken into consideration cronyism because they became successful after being handpicked by Dr. Mahathir," he stated.
According to Associate Professor Dr. Awang Azman Awang Pawi of Universiti Malaya, Dr. Mahathir's strategic selection of Malay businessmen to wield influence over the country's economy goes beyond acceptable norms and ventures into the realm of cronyism. He contends that economic support should be based on independent success rather than proximity to those in power.
"When Dr. Mahathir strategically chose these Malay businessmen to influence the country's economy, I believe it goes beyond acceptable practices; undoubtedly, this will be regarded as cronyism," Awang emphasized.
He stressed the importance of impartiality and meritocracy in economic decisions to ensure fair opportunities for all successful entrepreneurs within the Malay community, irrespective of their closeness to political figures.
Political analyst Dr. Mazlan Ali from Universiti Teknologi Malaysia (UTM) Kuala Lumpur acknowledged the merits of Dr. Mahathir's economic strategy in advancing Malaysia's competitiveness. However, he acknowledged that some might perceive it as a practice of cronyism, emphasizing the need to balance economic development with fair practices.
Dr. Mahathir, addressing accusations of cronyism during his tenure as prime minister on the Keluar Sekejap podcast, stated that the government identified potential in certain young businessmen at the time, leading to such accusations.
As scrutiny intensifies, the legacy of Dr. Mahathir's economic approach is becoming a focal point in discussions about Malaysia's economic trajectory. The debate underscores the delicate balance between fostering economic growth and ensuring transparency, fairness, and equal opportunities for all.
Reference: Experts dispute Dr Mahathir's economic strategy amid claims of cronyism (nst.com.my)
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