What was the main event that led to the introduction of new economic policy in 1970?

Malaysia’s New Economic Policy (NEP) was first announced in 1970 as the principal policy response to the post-election race riots of May 1969, which also resulted in a significant regime change.

Why was the New Economic Policy introduced in Malaysia?

Malaysia’s New Economic Policy (NEP) was announced in 1970 as part of a package of measures introduced after the political crisis of May 1969. It sought to ‘eradicate poverty’ and ‘restructure society to eliminate the identification of race with economic function’ in order to create the conditions for national unity.

Why was the NEP a failure?

Why did NEP fail? In the first view, NEP was abandoned because it was inconsistent with any further industrial development of a socialist kind, and its abandonment was therefore a rational economic decision.

Why was the New Economic Policy introduced?

The NEP was introduced in order to aid the recovery of the ruined Soviet economy, and to quell the uproar amongst the urban and rural population. The NEP rolled back total state control of the economy, aiming for the Russian economy to become more independent.

Why did the British invade Malaysia?

To streamline the administration of the Malay states, and especially to protect and further develop the lucrative trade in tin-mining and rubber, Britain sought to consolidate and centralise control by federating the four contiguous states of Selangor, Perak, Negeri Sembilan and Pahang into a new entity, the Federated …

Did the New Economic Policy work in Malaysia?

The effects of the NEP on wealth distribution are disputed. The Gini index declined from 51.3 in 1970 to 44.6 in 1997, and 1987 figures indicated the mean income of the Malays had improved relative to both the Chinese and Indian communities.

Was New Economic Policy Successful Malaysia?

We have to admit that the NEP has had its successes. Over the past five decades, hardcore poverty has been largely eliminated, the middle class has grown, the economy has been diversified and Malaysia has attained the status of an upper middle-income nation.

What happened on May 13 1969 in Malaysia?

Well, May 13,1969, was truly a traumatic experience forMalaysia. Yet 39 years later, there is stillno proper closure. Instead, the incident hashaunted the nation these past fourdecades. Just the mention of ‘May 13’invokes shudders and nervous glances. It isour national ‘code’ for violent racialmeltdown, especially among the oldergeneration.

Were the May 13 Riots of 1969 spontaneous or orchestrated?

Dr Kua Kia Soong, author of May 13: Declassified Documents on the Malaysian Riots of 1969 released last year, is of the view that the May 13 riots were not a spontaneous uprising but an orchestrated coup against Tunku by disaffected members of his own party.

What really happened on May 13?

“A focal point of May 13 was communal divisions. Even though the Alliance had lost Kelantan to PAS, many contests were largely pitched as Malay versus non-Malay. It was the non-Malay vote that swung very sharply to the then Opposition parties of Gerakan, DAP and PPP.

What happened during the 1969 Kuala Lumpur riots?

A Kuala Lumpur street is deserted after curfew was imposed during the riots in 1969. This picture was taken two days after the May 13 clashes. WHEN in 1968 the Alliance began preparations for a renewal of its mandate which was due to end in 1969, little did it suspect what the results would unlock.