By John Drabble
An financial background of Malaysia, c.1800-1990 , presents the 1st basic historical past of the Malaysian financial system over the last centuries, together with a survey of the pre-colonial period. a special characteristic is that it integrates the old studies of Peninsular Malaysia, Sabah and Sarawak as a case learn within the onset of contemporary financial progress. specific awareness is paid to explaining Malaysia's sign luck in attaining a comparatively tender shift clear of the first commodity export economic climate of the colonial interval to near-NIC prestige by means of 1990.
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Additional info for An Economic History of Malaysia, c. 1800–1990: The Transition to Modern Economic Growth
Whilst the term ‘Malaysia’ is politically applicable only post-1963, the origins of the export economy and multi-ethnic society typifying the region are sufﬁciently clear from the nineteenth century (with clear continuity from earlier centuries) to justify applying the term to the two centuries or so which are the main focus of this book. 1400–1511) and the ﬁrst permanent British footholds in the Malay Peninsula in the late eighteenth and early nineteenth century. The aim is to identify the salient features of the premodern economy, and to see to what extent these were undergoing secular change prior to the emergence of the export economy under colonial rule in the nineteenth century.
The East Asian shares of Singapore’s trade declined from about the mid-century. The Indian connection also became progressively less important even though opium remained a signiﬁcant import into Singapore for redistribution throughout Southeast Asia until the early twentieth century.
These ﬁgures show the initial importance of the connections with India and China, but the impetus derived by Singapore from these trades was short-lived. E. Asia E. Asia S. Asia West 1825 1850 1870 1915 48 39 48 56 14 15 13 9 20 19 8 4 18 26 30 29 Source: Wong Lin Ken (1978), Tables 1, 8. ﬁrms entered the market, leading to a glut of Straits products in Canton in 1827–8 and numerous bankruptcies. Opium prices were unstable, ﬂuctuating from a peak of approximately $1800 (Spanish) a chest in the early 1820s down to $250 in 1839 (Trocki, 1990, graph, 59).