Malaysia as described by many economists and development scientists is one of the fast growing developing countries in the East. The rapid process of economic development and increase number of population is a resulted from the globalization that Malaysia had experience. Globalization may be thought of initially as the widening, deepening and speeding up of worldwide interconnectedness in all aspects of contemporary social life, from the cultural to the criminal, the financial to the spiritual. Globalization is a situation explaining a process by which regional economies, societies, and cultures have become integrated through a global network of communication, ...view middle of the document...
The term globalization in Malaysia caught in the nation’s imagination. Some people perceived that globalization it to be engine that would drive Malaysian economy into a develop status. But they also cautious and mindful that globalization only happened if our country is able to properly align itself to the process in order to utilized or fully taking advantages the opportunities that came along with phenomenon.
Globalization in Malaysia seems to bring positive impacts towards our economy, but to a certain extent it also gives negative impacts upon of Malaysia societies. In addition, urban people are greatly exposed to a globalization because of the process seems to reach urban areas, first before it reach rural areas. When our country are successfully achieve or meet these challenges of globalization, thus, society need to understand the phenomenon or otherwise it could be an obstacles to the country’s efforts in meeting challenges of globalization. Consequently, the government may plan or implement strategies to overcome these obstacles. But without a fully support from societies in total, all of the efforts meet a deadlock or fail. In order to facing a globalization, there must be several strategies to be implemented as to face its challenges and try to benefit it for the future. So, this assignment will discuss more on globalization and its impact.
2. FACTORS CONTRIBUTE TOWARDS GLOBALIZATION IN MALAYSIAN CONTEXT
Briefly explain that, in order to open the international capital, the Malaysian government enlarged its integration into the global economy firstly through an embrace of export led growth strategy. One of the examples is the establishment of free industrial zones in the state of Penang in 1969 which nowadays comprise of four main phases. This growing globalization received a boost from our former Prime Minister; Dr. Mahathir in 1981. Through an increase in policy pronouncements and reforms, Malaysia adopted a series of neo-liberalizing economic measures, including privatization of state utilities, changes in its tax administration whereby it is done through cuts in direct and corporate taxes. The market was embraced as the engine of growth and seen to be the moderating force shaping development in the country. Thus, for example, in the 6th Malaysia Plan, the government readily proclaimed in 'The Way Forward' that our economic objective should be to secure the establishment of a competitive economy. It mean that, this objective specifically highlighted several strategies which Malaysia must have diversified and balanced economy with a mature and widely based industrial sector, a modern and mature agriculture sector and an efficient and productive and equally mature services sector such as entrepreneurial economy that is independent, outward looking and enterprising an economy that is subjected to the full discipline and fix our of market forces.
The existence of...