Template-Type: ReDIF-Article 1.0 Author-Name: Shamim A. Siddiqui Author-Workplace-Name: University of Brunei Darussalam Author-Name: Abdul A. Hashim Author-Workplace-Name: Tennessee State University Author-Name: Abu N. M. Wahid Author-Workplace-Name: Tennessee State University Title: Economic and Social Policies of Brunei: An Empirical Analysis Abstract: The discovery of oil in 1929 has been a major political and economic event in the modern history of Brunei Darussalam. After the great oil crunch of the 1973-74 and the subsequent increase in the oil price, the society and economy of Brunei stepped into the threshold of a transformation process. This paper is an attempt to examine and analyze this transformation process. It argues that in the midst of the transition, the prime policy goal of the government of Brunei is to diversify the economy and reduce its absolute dependence on oil and gas. In order to do that, Brunei must be able to encourage the growth and development of the domestic industries without significantly distorting the market mechanism. At the same time, it should be able to attract direct foreign investment in Brunei through the appropriate incentives. Journal: Philippine Review of Economics Pages: 4-36 Volume: 33 Issue: 1 Year: 1996 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/103/720 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:33:y:1996:i:1:p:4-36 Template-Type: ReDIF-Article 1.0 Author-Name: Abu N. M. Wahid Author-Workplace-Name: Tennessee State University Author-Name: Mohamad Ikhsan Author-Workplace-Name: University of Illinois at Urbana-Champaign and University of Indonesia Title: Policy Reforms in Indonesia: A Political Economy Perspective Abstract: During the 1970s the Indonesian economy grew at a rapid rate. This growth was primarily attributable to the government’s oil revenue and massive expansion of public sector in Indonesia. However, the decline in oil price of the 1980s adversely affected the growth and stability of the economy. The government clearly recognized the fact that a restructuring of the economy was imperative. The present paper is a critical analysis of this restructuring effort. The paper argues that the restructuring was initiated with a view to enabling the private sector and non-oil exports to play a greater role in the expansion of employment and income. The reform program began in 1983 with political and economic agenda. The political agenda includes the issues of Pribumism and ethnic diversity and economic nationalism while the economic agenda addressed the privatization initiative, fiscal/monetary policies and trade/investment policies. The reform process that was initiated by the government was partially successful. This paper argues that the main reason for the reform not being fully successful is the corruption of the bureaucracy and too much political orientation of the policies. Journal: Philippine Review of Economics Pages: 37-58 Volume: 33 Issue: 1 Year: 1996 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/104/716 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:33:y:1996:i:1:p:37-58 Template-Type: ReDIF-Article 1.0 Author-Name: Anis Chowdhury Author-Workplace-Name: University of Western Sydney, Macarthur Title: Malaysia in Transition Abstract: The Malaysian economy has undergone rapid transformation within a short span of two decades and has a vision to become a fully developed economy by the year 2020. This paper provides a brief synopsis of this remarkable growth and structural change within Malaysia’s historical and political developments. It also highlights the problems associated with rapid transformation. The paper argues that the spectacular transformation of the economy cannot be explained by the conventional wisdom of either neo-classical variety or statist paradigm. The paper attributes much of Malaysia’s success to its racial compact at the time of independence and the subsequent pursuit of the New Economic Policy which aimed at racial and political harmony within the context of a growing economy. How successfully Malaysia can move toward an "innovation driven" society will depend very much on its success at political reforms toward a more open and plural system. Journal: Philippine Review of Economics Pages: 59-87 Volume: 33 Issue: 1 Year: 1996 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/105/719 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:33:y:1996:i:1:p:59-87 Template-Type: ReDIF-Article 1.0 Author-Name: Mahabub Hossain Author-Workplace-Name: International Rice Research Institute Title: Economic Development in the Philippines: A Frustrated Take-Off? Abstract: Since the early 1980s the Philippine economy has been suffering from a serious setback. It has been plagued with a prolonged recession accompanied by political unrest including a separatist movement. In order to solve these multiple problems, international development agencies recommended standard policy prescriptions. But politically strong vested interest groups did not let the Philippine government implement these policies wholeheartedly. As a result, attempts to end economic recession had failed. This paper explains the resource base and development challenges facing the Philippine economy today. It also outlines appropriate policies and strategies to meet those challenges and records progress made in the various sectors of the economy. In the light of the present trend, the paper highlights the future prospects of the Philippine economy. Journal: Philippine Review of Economics Pages: 88-118 Volume: 33 Issue: 1 Year: 1996 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/106/721 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:33:y:1996:i:1:p:88-118 Template-Type: ReDIF-Article 1.0 Author-Name: Habibullah Khan Author-Workplace-Name: National University of Singapore Title: A Brief Assessment of Singapore's Economic Miracle Abstract: After reviewing Singapore’s economic performance in the past three decades, the paper seeks to identify the reasons for Singapore’s success by adopting a political economy approach. It is argued that Singapore adopted a balanced combination of market and government and its economic philosophy closely reflected the governed market theory based on developmental state model. Although government intervention in Singapore was fairly extensive, the interventionist measures did not distort market efficiency due to the high quality of political rulership, pragmatism, meritocracy and social conformism. The future outlook for Singapore economy remains bright and such an optimism is based on improvements in its educational standards, training programs, and stringent criteria of recruitment in the administrative service, as argued in the paper. Journal: Philippine Review of Economics Pages: 119-146 Volume: 33 Issue: 1 Year: 1996 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/107/722 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:33:y:1996:i:1:p:119-146 Template-Type: ReDIF-Article 1.0 Author-Name: A. T. M. Nurul Amin Author-Workplace-Name: Asian Institute of Technology Title: An Enduring Lesson from Thailand's Economic Performance Abstract: Although the technical details in maintaining macroeconomic stability, rapid expansion of manufacturing exports, attracting foreign investment, promoting market dynamism, and private-public sector cooperation bear many insights for possible emulation by other developing countries seeking economic growth, the paper argues that the most enduring lesson from Thailand's economic success lies in the arena of political economy that allowed a typical, tropical underdeveloped country with high population growth, huge underemployment, subsistence agricultural economy, widespread illiteracy, pervasive corruption, perennial political instability, repeadted coups and counter coups, authoritarian and dictatorial rule, intermittent and transitory period of failed democratic polity and even armed insurgency—finally to leave all this behind. The political economy lessons are that a technocratic management of an economy for maintaining a continuity of economic policy through swings of political pendulum of democratic strivings and military-autocratic reigns and an early emergence and embracing of a business-enterprise culture, as opposed to a culture of destructive political protests and dissents, are essential for economic growth. Journal: Philippine Review of Economics Pages: 147-173 Volume: 33 Issue: 1 Year: 1996 Month: June File-URL: http://pre.econ.upd.edu.ph/index.php/pre/article/view/108/726 File-Format: Application/pdf Handle: RePEc:phs:prejrn:v:33:y:1996:i:1:p:147-173