Chapter in Book

On 8 March 2008 (GE 2008) Malaysians unexpectedly delivered a stunning blow to Malaysia's long-standing ruling coalition, Barisan Nasional (BN), at the twelfth general election. Although it won the election, BN lost its psychologically important two-thirds majority in parliament which allows it to change the Federal Constitution at will. The blow was all the more devastating as the Anwar Ibrahim-led informal coalition of Parti Keadilan Rakyat (PKR/People's Iustice Party), Democratic Action Party (DAP) and Parti Se-Islam Malaysia (PAS/Pan Islamic Party of Malaysia) managed to form state governments in almost all states in the developed western parts of Peninsular Malaysia with citizens of the two most industrialised states (Selangor and Penang), as well as Kedah and Perak, joining Kelantan (the poorest state on the peninsula) on the opposition side. BN was also wiped out almost entirely from the Federal Territory of Kuala Lumpur with the opposition winning ten of the eleven parliamentary seats. All of these suggest that urbanites had deserted BN in droves.

Malaysia has turned 180 degrees since Independence in 1957, transforming itself into a thriving modern economy and leapfrogging from a low-income to a middle-income trajectory. The country owes its prosperity to its economic openness, with trade as the lifeblood and foreign direct investment (FDI) as the backbone of the economy. The price Malaysia has had to pay for this success os greater vulnerability to external shocks, but it has learned to cope with cyclical ups and downs with remarkable dexterity.

Technically, I have "retired" twice and am still working fulltime before "retiring" again sometime in the future for the third time. It has always been a busy life for me since my graduation in 1966 when I received my Bachelor of Arts (First Class Honours) degree in Economics from the University of Malaya. My working life began as a research assistant after my final year examinations and then as a tutor in the newly established Faculty of Economics and Administration (FEA) at the University of Malaya while working at the same time on my Master's degree. After receiving my Master of Economics degree in 1968 from the University of Malaya, I was appointed as Assistant Lecturer at FEA. I was then awarded the coveted Commonwealth Scholarship to pursue my doctorate at the Lancaster University, United Kingdom. I was able to complete my Ph.D. programme in two years, beginning from September 1968 and finishing in October 1970.