Rationale of Malaysia’s Economic System on Utility Maximization
Identification of Malaysia’s Economic System
Malaysia is a democratic country with excellent economic system. We are one the leading country in economic terms and being an example for the economy system we are using. In Malaysia, we are into mixed economy system. This economy system is the leading type of economic system that is used in most of the countries such as United States. Mixed economy system includes a mixture of capitalism and socialism. It combines private economic freedom, centralized economic planning and government regulation. Government plays major role in economic growth as well as distribution of wealth. For example, our government collects tax and provides subsidies at the same time for the public.
The success of mixed economic system started in Malaysia with the initiative of Central Government with the creation of National Development Plan. In Malaysia, the planning revolves around the Economic Planning Unit and other central agencies while the Malaysia’s experience in monitoring the implementation of national developments programmes and projects have contributed towards the success of this national socioeconomic development using mixed economic system.
Development goals in 1950s have modernized our traditional sectors. Importance was given to infrastructural development and agricultural diversification in the 1960s. In the first two decades since independence, social services and infrastructural network development were the main points for the socio-economic development programme.
Three main factors responsible for Malaysia’s success mixed economy are:
a) sound and sustained socio-economic development programmes
b) a committed and modernized bureaucracy, responsive to the political leadership and peoples’ needs
c) a system of planning, monitoring and evaluation that ensures implementation always remain on track.
Evaluation of Economic System In Malaysia The economic structure of a nation is a very important factor in the
Malaysia is a democratic country with excellent economic system. We are one the leading country in economic terms and being an example for the economy system we are using. In Malaysia, we are into mixed economy system. This economy system is the leading type of economic system that is used in most of the countries such as United States. Mixed economy system includes a mixture of capitalism and socialism. It combines private economic freedom, centralized economic planning and government regulation. Government plays major role in economic growth as well as distribution of wealth. For example, our government collects tax and provides subsidies at the same time for the public.
The success of mixed economic system started in Malaysia with the initiative of Central Government with the creation of National Development Plan. In Malaysia, the planning revolves around the Economic Planning Unit and other central agencies while the Malaysia’s experience in monitoring the implementation of national developments programmes and projects have contributed towards the success of this national socioeconomic development using mixed economic system.
Development goals in 1950s have modernized our traditional sectors. Importance was given to infrastructural development and agricultural diversification in the 1960s. In the first two decades since independence, social services and infrastructural network development were the main points for the socio-economic development programme.
Three main factors responsible for Malaysia’s success mixed economy are:
a) sound and sustained socio-economic development programmes
b) a committed and modernized bureaucracy, responsive to the political leadership and peoples’ needs
c) a system of planning, monitoring and evaluation that ensures implementation always remain on track.
Evaluation of Economic System In Malaysia The economic structure of a nation is a very important factor in the