Malaysia rises to No. 2 in crony capitalism index

Malaysia rises in The Economist’s crony capitalism index

The Economist’s second run of the index of crony capitalism saw Malaysia rising to number two, just behind Russia which clinched the crony capitalism crown.

Malaysia was number three in the index when it was first instituted two years ago in 2014, to test if the world was experiencing a global re-run of the late 19th century age of the American ‘robber barons’.

This, stated the business publication, is against the backdrop of the global fraud investigations into the state-owned investment arm, 1Malaysia Development Berhad (1MDB), that is answerable to prime minister Najib Abdul Razak

But The Economist said that despite the unearthing of crony capitalism by global probes, Malaysia continued to score badly on the index as cronyism has led to political instability.

Another interesting statistic to note is that if one were to look at the chart for the crony income and non-crony income in the countries listed, there is usually a substantial and noticeable gap between the two.

However, Malaysia’s statistic showed almost all of the wealth in the country is crony wealth, with just a smidgen of difference between the two.

In any case, the index found that Russia scored the worst, “reflecting its corruption and dependence on natural resources. Both its crony wealth and GDP have fallen in dollar terms in the past two years, reflecting the Rouble’s collapse. Their ratio is not much changed since 2014.”

Malaysia rises in The Economist’s crony capitalism index
6 May 2016 – Malaysiakini


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