This paper will focus on explaining the economic policies adopted in the past and discuss the outcome from the policies in order to assess future policies. Some of the economic policies implied in Malaysia have a touch of racial discrimination to it while Singapore implements policies that are strictly to enhance competition through an incentive-based rewarding system, regardless of race. For instance, after Malaysia’s full independence in 1957, The New Economic Policy (NEP) was created to reduce poverty and disassociate economic functions and race. This is due to the Chinese population being able to naturally benefit from the tin industry’s lucrative return while the Malays or better known, as Bumiputeras are not enjoying the same advantage due to their lack of knowledge. The NEP provided Bumiputeras with a whole lot of opportuni...
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