In 2007, on the 50th anniversary of Malaysia’s independence, Nobel laureate economist Joseph E. Stiglitz celebrated the “miracle” of the country’s economic rise and creation of a vibrant multiethnic society.
In the 15 years that followed, however, revelations of large-scale corruption and abuse of foreign workers damaged Malaysia’s international reputation and fueled domestic political instability.
But Malaysia’s fortunes may be turning around. Late last year, long-time opposition leader Anwar Ibrahim was sworn in as the country’s new prime minister. His record of effective and corruption-free leadership offers good reason to hope that Malaysia can return to a stable development path leading to greater prosperity for more people.