Quora Answer: Is Malaysia a Capitalist Country?

The following is my answer to a Quora question: “Is Malaysia a capitalist country?”

Theoretically, Malaysia follows a capitalist financial system.  In reality, free enterprise is eroded by a patronage system based on race and religion, and rampant corruption.  Certain protected industries are or were heavily insulated from internal and external competition.  There are stringent currency controls.  The government policymakers favours central planning, a command style economy, that has not translated into practical policies, and that has stunted growth.  In summary, Malaysia is a zombie capitalist economy that has lost its liberal soul and is possessed by the ghosts of protectionism.