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- Title
Behind Malaysia's "Miracle": A Veblenian Perspective on Mahathir's Era of Economic Modernization.
- Abstract
The article considers Thorstein Veblen's theories of pecuniary emulation in developing countries through the case of Malaysia. The article argues that Malaysia has gone beyond the mere acquisition of consumer goods on the Western model to emulate global capitalism at the level of a nation-state. Malaysia's former Prime Minister Mahathir undertook as massive building project, constructing the Bakun Dam and the Petronas Towers, the world's largest skyscrapers, to consolidate Malaysia's position in the developed world. While these projects have gained the country respect in the international community they have failed to consistently benefit Malaysia in ways beyond the symbolic.
- Subjects
MALAYSIA; ECONOMIC conditions in Malaysia; VEBLEN, Thorstein, 1857-1929; CONSUMER goods; DEVELOPING countries; CONSUMPTION (Economics); MENARA Berkembar Petronas (Kuala Lumpur, Malaysia); BAKUN Dam (Sarawak, Malaysia)
- Publication
Journal of Economic Issues (Association for Evolutionary Economics), 2006, Vol 40, Issue 4, p861
- ISSN
0021-3624
- Publication type
Article
- DOI
10.1080/00213624.2006.11506964