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Article: Malaysia and Mahathir proving critics wrong; Malaysia was supposed to become the basket case of Asia after implementing capital controls in response to the 1997 crisis. In 2002, the country is far from being a no-hoper. (Eye On Malaysia).(Brief Article)
- Article from:
- Business Asia
- Article date:
- May 1, 2002
CopyrightCOPYRIGHT 2002 First Charlton Communications Pty Ltd. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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Politicians love few things more than seeing their enemies proven wrong. It's a feeling with which Malaysian Prime Minister Mahathir Mohamad is in touch these days as some former nemeses are giving him his due.
Take financier George Soros, who just four years ago was calling Mahathir a "menace to his own economy". Mahathir had just implemented capital controls to halt outflows that sent his currency, the ringgit, into freefall. Nowadays, however, Soros is reportedly putting some money into Malaysian sovereign bonds.
Then there's the US, which demonised Mahathir's economic policies during the Asian crisis. At the time, Treasury officials claimed that ...