MALAYSIA'S ECONOMIC SYSTEM

By RHODA HABTEMICHAEL

General Characteristics of Agricultural, Industrial, and Information Age Economic Systems

• Agricultural Age Economic Systems: feudal economic systems and earlier ancient empire economic systems based on slavery

• Industrial Age Economic Systems: rise of capitalist economic systems and then socialist economic systems ( as a critique of capitalism)

• Information Age Economic Systems: both capitalist and socialist economic systems are being greatly restructured as they become part of a global economy; no pure systems hybrids instead, through also privatization trends world wide--including in former socialist countries

Information/Data on Malaysia's Economic System, a mixture of private enterprise and soundly managed public sector, has posted a remarkable record of 8%-9% average growth in 1987-92. This growth has resulted in a substantial reduction in poverty and a marked rise in real wages. Dspite sluggish growth in the major world economies in 1992, demand for Malaysian goods remained strog and foreign investors continued to commit large sums is the economy. The government is aware of the inflationary potential of this rapid development and is closely monitoring fiscal and monetary polices

Conclusions on Malaysia . Malaysia is in Agricultural and Industrial age. Its economic growth has resulted in exporting rapidly the manufactured goods, and foreign investors are making differance in the country's economy. Malaysia is the worlds largest exported of natural rubber and palm oil

Additional Online Sources on Malaysia's Economic System

• Malaysian Economy 1994