Uncovering the 1997 Asian Financial Crisis: Mahathir-Anwar Feud and the Rise of Grand Corruption
The 1997 Asian Financial Crisis (AFC) marked a pivotal moment in Malaysian history, exposing the deep-seated connections between politics and business. The crisis, which severely impacted the country's economy, also revealed the extent of 'grand corruption' that had taken hold. At the center of the storm was the highly publicized feud between former Prime Minister Mahathir Mohamad and his then-deputy Anwar Ibrahim. The crisis led to a significant shift in the country's economic landscape, with many corporate assets of politically well-connected individuals being severely affected. As the country navigated this tumultuous period, concerns about corruption, cronyism, and economic mismanagement came to the forefront. The AFC served as a catalyst for change, paving the way for increased transparency and reforms in Malaysia's financial sector. Today, the lessons learned from the 1997 crisis remain relevant, with many Malaysians continuing to call for greater accountability and an end to corrupt practices. Key issues such as economic stability, financial regulation, and good governance remain essential in preventing similar crises from occurring in the future. By examining the complex interplay between politics, business, and corruption, we can gain a deeper understanding of the underlying factors that contributed to the AFC and work towards building a more resilient and equitable economy.