The capitalist economic system inherited from the colonial masters has not changed much after independence, but only a change in ownership from the Europeans to Malaysian elites.
Since Mahathir privatized most of our public assets in the Eighties, we need to renationalize these assets especially land, water, energy, which belong to the Malaysian people instead of local and foreign capitalists. This will not be that difficult to do as at present many of these assets are under the ownership and/or control of various government funds and Government-Linked companies (GLCs). A pro-people government will be able open these GLCs to democratic control of the people and direct them to implement good labour and environmental policies.
It is time that Petronas’ revenues are invested in a Sovereign Wealth Fund as a pension fund for the future generations and the oil-producing states instead of being squandered by unscrupulous leaders without accountability. We want strong public sector health, education, housing, transport services including highways which have been privatized to crony capitalists at the expense of the public good. Our small & medium enterprises, farmers and fisherfolk need adequate support in order to develop our local food and industrial production.
The "recovery" from the recent economic crisis has ensured that these big institutions, especially banks and the richest 1% have become even wealthierwhile the majority of workers have had to tighten their belts because of austerity measures prescribed by World Bank and the IMF.
In Malaysia, the top 50 richest people in Malaysia have a combined estimated net-worth of more than USD 62.6 billion or RM250 billion, or a quarter of our national income of just over RM1 trillion. It is time for the people to redistribute the national wealth and to have real democratic control over our lives…
- A Progressive Economic Policy
- Reclaim our public assets from privatization, halt any further privatization of public assets and democratize the GLCs;
- Resist efforts by transnational corporate capitalism to undermine our national sovereignty through Free Trade Agreements;
- Regulate financial transactions and speculation to ensure they do not endanger our national economy;
- Nationalise public utilities such as water and energy;
- Invest Petronas’ oil profits, taxes of oil and gas companies and licence payments in a Sovereign Wealth Fund as a pension fund for the future generations;
- Strengthen public sector health, education, housing and transport services including highways;
- Implement a master plan for all federal and state land to ensure judicious use for the public purpose, any minimal sale to the private sector must be at appropriate prices;
- Apportion more revenue from oil and gas resources to the oil and gas-producing states and ensurePetronas’ oil and gas production and investment recordsare transparent and accountable to parliament and the public;
- A just system of managing the wealth of society in an economy where technology increases and the wider implementation of automation and robotics can lead to under-employment and unemployment, with options including a shortened working week, and/or a system of guaranteed basic income.