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State Restructuring and the Internationalization of Capital in Southeast Asia

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The Rise of International Capital

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Abstract

This chapter examines the state restructuring of the ASEAN member countries and how it is crucially linked to the emergence of internationally oriented fractions of capital and the process of international expansion that follows. It will look at the case study of Singapore, Malaysia, and Thailand. The discussion of these countries provides a broader context of the state restructuring and the internationalization of capital across the Southeast Asian region, before looking into a close study of Indonesia which will be explained in two separate chapters. This chapter explains the way in which the internationalization of capital is linked to the process of state restructuring. With the transformation of new internationally oriented fractions of capital, the state helps reproduce the social relationships that underpin capitalist expansion beyond territorial frontiers.

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Notes

  1. 1.

    Interview with Hassan Wirajuda, Indonesian Foreign Minister (2001–2009), in Jakarta, 27 May 2015.

  2. 2.

    In the late 1960s, for example, the Chinese ethnic groups were the predominant domestic economic force, owning 22.8% of total corporate equity in the country; while the Malays owned a mere 1.5%, and the Indians 0.9%. Foreign firms, then the largest owners of corporate equity in the Malaysian economy, owned 62.1% of share capital in private firms operating in the country (Gomez, 2006: 119).

  3. 3.

    In this case, the government assured political stability for foreign investment which was largely supported by the US government. The United States had provided substantial aid even prior to the military coups, mainly for military assistance. This aid increased and broadened after the military came to power with Thailand being the centerpiece in the US Cold War strategy in Asia. In addition, Thailand’s membership of the Southeast Asian Treaty Organization had benefited the ruling elites in their own fight against domestic communist movement, particularly in the poor and rural northeast of the country (Girling, 1981: 240).

  4. 4.

    Nearly all Hong Kong FDI during the 1980s was recycled from other countries. Much of it was the United Kingdom and European capital.

  5. 5.

    The localization policy became part of the state strategies to increase the Thai automotive firms’ scale. The important impacts of the policy were as follows: First, it led to local firms producing components as suppliers to multiple assembly firms. Second, from the mid-1980s, Japanese component manufacturers moved to Thailand, establishing joint ventures and technical arrangements, and producing superior components for exports. Hence, by the 1980s, Japan absorbed 90% of automobile sales in Thailand, and a high proportion in Malaysia, Singapore, and the Philippines. There had to be a change to local production. The Thai government thus promoted the use of local products, greater technology dispersion, and local production for export (Brown, 2006: 291).

  6. 6.

    Interview with Rizal Ramli, Indonesian Coordinating Minister for Economy (2000–2001); Coordinating Minister for Maritime Affairs (2015–2016), Jakarta, 7 April 2015.

  7. 7.

    Apart from owning the Lion Air Group, Rusdi Kirana has also managed to establish a high political position. In 2014, he was appointed vice chairman of the Partai Kebangkitan Bangsa (PKB), a political party which was founded by the late President Abdurrahman Wahid. In 2015, he was appointed by President Joko Widodo as a member of the Presidential Advisory Council (Dewan Pertimbangan Presiden; Wantimpres). In 2017 he was appointed as the Indonesian ambassador to Malaysia after he requested the position directly from the president (Kompas, 18 May 2017).

  8. 8.

    The Chearavanont family (consists of four brothers, Jaran, Montri, Sumet, and Dhanin Chearavanont) are the richest conglomerates in Thailand, according to Forbes’ Thailand’s 50 Richest in 2015. Under the chairmanship of Dhanin, the Group has reached the top position with a net worth of about US$18.5 billion (see Forbes, 2015; Karmali, 2015).

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Al-Fadhat, F. (2019). State Restructuring and the Internationalization of Capital in Southeast Asia. In: The Rise of International Capital. Critical Studies of the Asia-Pacific. Palgrave Macmillan, Singapore. https://doi.org/10.1007/978-981-13-3191-6_4

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