CAPITAL ACCUMULATION BETWEEN PETRONAS, GOVERNMENT AGENCIES AND BUMIPUTERA ENTREPRENEURS
DOI:
https://doi.org/10.22452/sejarah.vol28no2.8Keywords:
Malay Middle Class, Mining Equity, Bumiputera Equity, New Economic Policy, Petroleum IndustryAbstract
The foundation of Petroliam Nasional Berhad (PETRONAS) was one way of increasing the bumiputera’s equity. This paved the way to improve the disparity in the Malay social economic conditions with other Malaysian races and subsequently enhanced Malay economic wealth. This article is using qualitative method in exploring how PETRONAS were able to consolidate the interests of bumiputera socio-economic needs which led to the creation of Malay middle class. The finding of the article was the role of PETRONAS in expanding and sharing its business operations and profitability with government agencies and Malay entrepreneurs. The business expansion would be through the rationalization process to other bumiputera companies or the profit sharing measure through inter-capital relationship or inter-skill benefit.
Received: 1 March 2019
Reviewed: 2 March 2019
Accepted: 28 December 2019
