By John Drabble
An fiscal heritage of Malaysia, c.1800-1990 , presents the 1st basic heritage of the Malaysian economic climate over the last centuries, together with a survey of the pre-colonial period. a distinct function is that it integrates the ancient reviews of Peninsular Malaysia, Sabah and Sarawak as a case examine within the onset of recent fiscal progress. specific recognition is paid to explaining Malaysia's sign good fortune in attaining a comparatively gentle shift clear of the first commodity export financial system of the colonial interval to near-NIC prestige through 1990.
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Additional info for An Economic History of Malaysia, c. 1800–1990: The Transition to Modern Economic Growth
However, the states just discussed were unable to maintain this momentum. The 1890s and early 1900s saw a decline in the ﬁnancial stability of government as a result of the accession of rulers of lesser calibre than their immediate predecessors. The main problem was a growing indebtedness, of which a major cause was extravagant personal expenditure by the Sultans who drew no distinction between their private means and those of the state. By 1904–5 Kedah (still under Siamese tutelage) had fallen into a state of bankruptcy, with debts totalling four times annual income.
Exchange via barter, though it continued for a long time in some areas, was gradually superseded by generally accepted means of payment (hard currency or various instruments of credit), and efﬁcient channels of transmission such as an international network of banks, telegraphic communications and so on. There was also a trend, led by Britain from around 1850, to free trade, and the international mobility of capital without restrictions such as tariffs and monopolies. These developments were concurrent with, and linked to, the great surge in European colonialism in the later nineteenth century.
The Indian connection also became progressively less important even though opium remained a signiﬁcant import into Singapore for redistribution throughout Southeast Asia until the early twentieth century.
An Economic History of Malaysia, c. 1800–1990: The Transition to Modern Economic Growth by John Drabble