Anwar Ibrahim, Deputy Prime Minister of Malaysia, 1993-98, and Opposition Leader, 2008-15 and since March 2020, is associated with two lasting, seemingly contradictory images. Those were of the young Anwar as a radical Islamist for whom economics seemed not to matter, and as a pro-market reformer during the 1997 East Asian financial crisis for whom Islam no longer mattered.Yet there was economics in the young Anwar's Islam and, conversely, Islam in the mature man's economics. Between them lay certain 'moral ambivalences' that occupied Anwar during the pre-crisis period when economic growth, prosperity and ambitions were dogged by rent-seeking, corruption and institutional degradation. Anwar had expressed various thoughts on 'Islam and economics', notably when he was President of Angkatan Belia Islam Malaysia (ABIM, or Malaysian Islamic Youth Movement), Minister of Finance (1991-98), and leader of the post-Reformasi opposition. His thoughts formed the core of a 'humane economy' that he envisioned and advocated upon his return to active politics from 2006 onwards. The vision of a 'humane economy' holds personal, ideological and political significance at a specific political juncture in Malaysian history.

This book explores the volatile and uncertain future of democracies in Asia through typological analysis of the diverse patterns of Asian countries. Detailed analysis and extensive case studies featured throughout this edited volume unveil democracies in the process of being consolidated, such as Taiwan and South Korea; precarious democracies, such as Indonesia, Malaysia, and the Philippines; states that are experiencing setbacks and a retreat from democracy, such as Thailand and Myanmar; and finally, states that are still resisting democracy, including China. Key findings articulate that Asian democracies do not follow existing models or patterns—such as that of Western democracy—but are instead lively, emergent works in progress. Environments in which democracy is practiced in Asia reflect local people’s pluralistic imagination of democracy; hence a comparative thematic approach is adopted. Contributors originate from Japan, Korea, Malaysia, the Philippines, Taiwan, and Thailand, each presenting regional insights into the unique challenges and movements of their respective nations, from staging protests in Bangkok to military coup in Myanmar. Opening new dialogue in the study of democracy, The Volatility and Future of Democracies in Asia will appeal to students and scholars of political science, comparative politics, international development, democracy studies, and Asian studies more broadly. .

Vietnam has officially admitted its failure to achieve industrialized economy status by 2020. This failure is partly due to its inability to grow a strong local manufacturing base and develop key strategic industries. The participation of Vingroup, the country’s largest private conglomerate, in the automotive industry has sparked new hopes for Vietnam’s industrialization drive. The company, through its subsidiary Vinfast, aims to become a leading automaker in Southeast Asia with an annual capacity of 500,000 units and a localization ratio of 60 per cent by 2025. Challenges that Vinfast faces include its unproven track record in the industry; the limited size of the national car market; the lack of infrastructure to support car usage in Vietnam; the intense competition from foreign brands; and its initial reliance on imported technologies and know-hows. However, Vinfast enjoys certain advantages in the domestic market, including the large potential of the Vietnamese automotive market; its freedom as a new automaker to define its business strategies without having to deal with legacy issues; Vingroup’s sound business and financial performance and its ecosystem; strong support from the Vietnamese government; and nationalist sentiments that will encourage certain Vietnamese customers to choose its products. If Vinfast is successful, it will boost Vietnam’s GDP growth and reinvent the country’s automotive industry. Its success will also contribute significantly to the realization of Vietnam’s industrialization ambitions and bring private actors into the centre stage of the economy. If the company fails, however, it will cause considerable problems for both Vingroup and the Vietnamese economy.

The failure of two expected transitions of leadership from Dr Mahathir Mohamad to Anwar Ibrahim (in 1998 and 2020) are traceable beyond their personal entanglements to the social divides and political currents of their time. The unrealized transitions are symptomatic of UMNO's dynamic of 'dysfunctional succession'. Under Mahathir, the party split. Under Najib, it was defeated. The condition persists as the current prime minister, Muhyiddin Yassin, has not even appointed a deputy prime minister after being in power for fifteen months. The unrealized transitions were a setback for a 'reform agenda', which Anwar Ibrahim articulated, but which emerged from dissident movements for diverse reforms. These movements helped the multiethnic, socially inclusive, opposition to win the 14th General Election. They are only seemingly dormant because of the pandemic. The Pakatan Harapan regime had the best chance to supply a fresh vision, deeper social understanding, and commitment to reform. The present Perikatan Nasional regime's fixation on 'Malayness' overlooks twenty years of intense intra-Malay conflicts that began with the failure of the first transition. As the '7th Prime Minister', Mahathir had a rare chance to redeem himself from major errors of his first twenty-two-year tenure. He squandered his chance by not honouring the Pakatan Harapan transition plan. Anwar Ibrahim's opponents mock him for being obsessed with wanting to be prime minister. Yet they obsessively fear his becoming prime minister. Anwar may be twice loser in political succession but 'the spectre of Anwar' still haunts Malaysian political consciousness.

This powerful, unsettling book gives us a rare glimpse behind the closed doors of global financial institutions by the winner of the 2001 Nobel Prize in Economics. When it was first published, this national bestseller quickly became a touchstone in the globalization debate. Renowned economist and Nobel Prize winner Joseph E. Stiglitz had a ringside seat for most of the major economic events of the last decade, including stints as chairman of the Council of Economic Advisers and chief economist at the World Bank. Particularly concerned with the plight of the developing nations, he became increasingly disillusioned as he saw the International Monetary Fund and other major institutions put the interests of Wall Street and the financial community ahead of the poorer nations. Those seeking to understand why globalization has engendered the hostility of protesters in Seattle and Genoa will find the reasons here. While this book includes no simple formula on how to make globalization work, Stiglitz provides a reform agenda that will provoke debate for years to come. Rarely do we get such an insider's analysis of the major institutions of globalization as in this penetrating book. With a new foreword for this paperback edition.