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Boom-or-Bust Commodities and Industrialization in Pre–World War II Malaya

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  • Huff, W. G.

Abstract

This article links the terms of trade, money supply, labor market, and money and credit markets to explore a puzzle in Malayan economic history: why, despite rapid growth and high per capita income, did pre–World War II Malaya industrialize so little? A range of data is drawn together to show how for Malayan manufacturers economic boom was accompanied by precipitate deterioration in the real exchange rate, while in a slump credit contracted sharply and with it the size of the Malayan market for manufactures. Analysis of Malayan experience may be relevant for understanding slight industrialization elsewhere in Southeast Asia.

Suggested Citation

  • Huff, W. G., 2002. "Boom-or-Bust Commodities and Industrialization in Pre–World War II Malaya," The Journal of Economic History, Cambridge University Press, vol. 62(4), pages 1074-1115, December.
    • Handle: RePEc:cup:jechis:v:62:y:2002:i:04:p:1074-1115_00
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    Cited by:

    1. Klas Rönnbäck & Oskar Broberg & Stefania Galli, 2022. "A colonial cash cow: the return on investments in British Malaya, 1889–1969," Cliometrica, Journal of Historical Economics and Econometric History, Association Française de Cliométrie (AFC), vol. 16(1), pages 149-173, January.
    2. Jean-Pascal Bassino & Jeffrey G. Williamson, 2015. "From Commodity Booms to Economic Miracles: Why Southeast Asian Industry Lagged Behind," UP School of Economics Discussion Papers 201507, University of the Philippines School of Economics.
    3. David Greasley & Les Oxley, 2010. "Clio And The Economist: Making Historians Count," Journal of Economic Surveys, Wiley Blackwell, vol. 24(5), pages 755-774, December.
    4. W. G. Huff, 2003. "Currency Boards and Chinese Banking Development in pre-World War II Southeast Asia: Malaya and the Philippines," Working Papers 2003_2, Business School - Economics, University of Glasgow.
    5. Angus Maddison & Pierre van der Eng, 2013. "Asia's role in the global economy in historical perspective," CEH Discussion Papers 021, Centre for Economic History, Research School of Economics, Australian National University.
    6. David Greasley & Les Oxley, 2009. "The pastoral boom, the rural land market, and long swings in New Zealand economic growth, 1873–19391," Economic History Review, Economic History Society, vol. 62(2), pages 324-349, May.

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