Ruler’s new book looks at globalisation’s impact on Perak

The 566-page hardcover book reflects His Royal Highness’ in-depth research and analysis of over two centuries of globalisation’s changing impacts – both positive and negative – on Perak, its towns and communities.

“I compare the state to other regions with abundant natural resources, including Cornwall and Sheffield in the United Kingdom, and Pittsburgh and Scranton in the United States. All are places that initially prospered, but then lost their competitiveness and were subsequently blighted by the same forces of globalisation that had previously blessed them.

“Perak’s early growth was driven by tin, with inflows of capital, technology, and new ideas from Cornwall in the first decades of the colonial period. By the end of the 19th century, Perak’s production had already overtaken Cornwall’s,” Sultan Nazrin said in his royal address at the book’s launch yesterday, Bernama reported.

Among those in attendance were Raja Permaisuri of Perak Tuanku Zara Salim, Communications Minister Fahmi Fadzil, Mentri Besar Datuk Seri Saarani Mohamad, and Bernama editor-in-chief Arul Rajoo Durar Raj.

“After independence, Perak fared less favourably, however. Still heavily reliant on exports of tin and rubber, it remained exposed to dramatic swings in global demand, as well as competing sources of supply.

“It began to trail behind other Malaysian states, which were better placed to benefit from the globalisation of manufacturing activities that was starting to occur,” Sultan Nazrin said.

He added that the 1985 tin crash, which saw prices halving in just a few years, brought devastation to Perak’s communities and massive job losses and the closure of mines accelerated the outflow of residents.

“Since then, Perak has diversified its economy further into manufacturing and services and modernised its agricultural sector in order to rebuild its economic base. Considerable effort has been devoted to this process, and there are many success stories in all sectors,” he said.

Sultan Nazrin also pointed out that while Perak’s history certainly demonstrates some of the vulnerabilities associated with export-led growth, it also highlights the huge potential upside when natural resource endowments coincide with global demand to create a comparative advantage.

The Ruler said he hopes that with a new vision, Perak can look forward to a period of renewed prosperity.

This is the third book authored by Sultan Nazrin.

https://www.thestar.com.my/news/nation/2024/07/07/rulers-new-book-looks-at-globalisations-impact-on-perak