This underrated book shows what needs to be solved in Malaysia to escape the middle income trap.
https://www.gatesnotes.com/Books/How-Asia-Works Step 1: Land Reform Step 2: Manufacturing Step 3: Tighten financial instrument Step 4: ??? Step 5: Profit??? What the book does? It contrast the economically successful nations of Northeast Asia e.g South Korea, Taiwan, Japan, China with that of Southeast Asia specifically Phillipines, Malaysia, Thailand, and some smaller example. What the book says about Malaysia tl:dr: Malaysia jump to play the high level game without implementing fundamental changes in society. The book basically advocates land reform at the initial stage to improve agricultural yield e.g vertical farming by taking lands from rich landowners and giving it to the people, all the NEA countries did this. Malaysia has the Felda program, but the book criticize it as a half hearted attempt. It also calls for protectionist policies to stimulate infant industry so that local companies can become strong and with that a company led R&D that leads to innovation for the country. All the while tightenijg grip on financial instrumemt to prevent corruption. Proton VS Hyundai: The book has a big section dedicated to this. Both are kinda force upon consumer like with Malaysia tariff on import cars, IIRC South Korea outright ban import cats. The difference between the two is that Hyundai is a private company that is force to compete with other private companies for government contract and subsidies. The government also force export discipline on these private companies, it basically means that gov force these companies to compete in the international market and let them decide which product is worthy, culling the weak. What can we do? Well frankly nothing except voting for the right government. But its good to learn why some countries are more successful than others especially the ones with the similar starting position aka South Korea vs Malaysia Ok lets spawn some discussion but please note that I may not be able to respond due to low Karma sorry.
The importance of trade for beating the middle income trap.
The Primary reason to export is to have more foreign exchange currency earnings to import more productive machinery. You can think of exports as a countries income or job as you will and then their imports is there spending. This is why for growth imports and exports should be consistently increasing. The reason why Saudi Arabia is developed in spite of having no sophistication in their economy and weak institutions is due to being able to import loads from high forex oil earnings. Vietnam as of 2022 technically has lots of high tech exports but in reality they are importing 99% of the kit, assembling it together and just exporting their small surplus labour value. Exports don’t necessarily need to be high tech they just need to have high margins in terms of forex earnings. This can mean glass can be better for beating the middle income trap than even phones and Laptop exports.
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