Nazir Razak says one leg good but three legs best
Saying it is time to ask if the system mostly designed in 1970 still works well enough, the banker warns of dire consequences if wobbling nation is not set right.
(FMT) – Malaysia is like a three-legged stool, and two of its legs are wobbling, CIMB Chairman Nazir Razak has warned.
But, he quickly added, it was not too late to set things right – provided there was a large dose of moderation.
Launching a book titled Moderation, the brother of the prime minister again called for the setting-up of a National Consultative Council 2 , under the auspices of the Council of Rulers, to “discuss moderately, behind closed doors, the long list of sensitive issues that range from the state of our education system, affirmative action, the role of religion in national life, the integrity of the Federation, the issues of corruption and competitive politics – and, of course, rebuilding trust in our institutions”.
The book, which features a collection of 28 essays by prominent Malaysians and journalists, is published by Star Media Group. Nazir launched it at the Menara Star yesterday.
Nazir likened Malaysia to a three-legged stool; the economy, social situation and politics being the legs.
Acknowledging that the nation had done well economically, Nazir implied that the other legs, however, were wobbling.
“If the social and political legs wobble, it won’t be long before the economic leg starts tottering as well. Socio-political pressures drive away talent and capital, life bloods of the economy.
“If the economy deteriorates, socio-political pressures rise even further. The reactionary rhetoric gets even more rancid, the “blaming the other” mindset tightens its grip on society and the national discourse becomes ever more acrimonious. These, in turn, hasten the economic deceleration. It’s a vicious circle, yet one that usually happens behind the protective veil of proactive fiscal and monetary policies by governments.”
The banker noted that economic historians had shown that when a government’s fiscal and monetary policy options ran out, it would always seem sudden and shocking at first.
Then, he said, some economist would step forward to explain how the rot actually set in a long time ago.
“Everyone should have seen it coming; it was all so obvious. And the children then ask their elders: Why did you let this happen? Why, indeed?”
He added: “I apologise if I sound rather alarmist. I don’t mean to imply that our nation is teetering at the edge of the abyss. It isn’t. But I do worry, as expressed also in several essays in this book, that unless we, as a society, change our ways, we are slowly inching our way towards a point where the unthinkable starts to seem logical, even rational.
“For Malaysia, given its unique mix of races, ethnicities, cultures and religions, as well as its system of race-based political parties, our future was always going to depend on how well we practice moderation when we engage on issues and manage polarities.”
He called on the largely silent moderate majority of Malaysians to assert themselves and be heard.
“We need to recapture the discourse, re-frame the narrative and re-stitch the colourful, but tattered social tapestry, of this multi-cultural, multi-racial and multi-religious nation that we all love and cherish.”
Nazir, however, cautioned that too many people called themselves moderates but were actually close minded about the issues on which they differed, and even inflammatory in the way they expressed their disagreement.
He said having a couple of friends from different ethnic groups and not supporting Islamic State did not make one a moderate. It is one’s behavioural traits that matter.
Saying a moderate leadership was about protecting and advancing moderation, he agreed with the writers of the book who said today’s political calculations incentivised leaders to translate dissent and even simple questions into racial or religious terms.
“As a businessman, one basic lesson I learnt is that as soon as you diagnose a flawed incentive structure in the system, you must change it quickly or your fears will surely materialise.”
The banker who has been very vocal over the past couple of years said: “Given the increasingly polluted political atmosphere, diminishing trust in our institutions, a general election in the next two years, a weak global economic environment and rising geopolitical tensions in the region, it’s too easy to paint a gloomy picture of what’s around the corner for Malaysia. Surely it is time for pre-emptive action.”
