Revisiting Privatisation In Malaysia: The Importance Of Institutional Process
This paper argues that institutional process are essential to the execution of economic policy. In the absence of adequate institutional processes, well-intentioned economic policies may not be implemented in the manner expected by theory. The case of privatisation in Malaysia is used as an examp...
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| Format: | Article |
| Language: | English |
| Published: |
Asian Academy of Management (AAM)
2009
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| Subjects: | |
| Online Access: | http://eprints.usm.my/36408/1/AAMJ_14.2.2.pdf http://eprints.usm.my/36408/ http://web.usm.my/aamj/14.2.2009/AAMJ_14.2.2.pdf |
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| Summary: | This paper argues that institutional process are essential to the execution of economic
policy. In the absence of adequate institutional processes, well-intentioned economic
policies may not be implemented in the manner expected by theory. The case of
privatisation in Malaysia is used as an example to illustrate why institutional processes
must be put into place in order to achieve the full benefit of economic policies. Economic
theory suggests that privatisation, rather than state-ownership of enterprises, leads to
greater economic efficiency. However, this is only the case if privatisation initiatives are
carried out in a manner that consistent with good institutional practice. This paper
suggests that there is a prima facie case for establishing transparent institutions in order
to gain from the proper implementation of economic policy. |
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