Malaysia’s Economist King: Sultan Nazrin Shah of Perak

Victor Tan
 

Hello sepupus!

The following Personality Report is one that I have wanted to write for a very long time. It is about a figure who is an eminent economist, but who is also a part of one of Malaysia’s most important institutions: The Royalty within Malaysia’s constitutional monarchy.

Because this is a topic that is of significance to Malaysia and Malaysia’s history and one that I consider important and relevant to all Malaysians, it will be made free to all readers; like other premium reports, you may purchase an individual copy for USD10 for your personal use, or get access to this report (and all other Premium Reports and features!) as well as discounts to other resources through a Premium membership.

…But this one is currently free, and if you are a citizen of Malaysia, or you’ve only had a passing understanding of the royalty of Malaysia, or if you are an international observer who has never thought about this aspect of Malaysia before, I hope that you will find this enlightening and interesting.

I extend this as a small gift to the world. Please read this and share it before I change my mind!

Thank you!

Your Highness, I hope you will enjoy this report. I have done my best to do justice to your legacy; any errors and omissions are my own.


Source: Official website of the Office of the DYMM Paduka Seri Sultan Negeri Perak

Introduction

In the landscape of modern monarchy, Sultan Nazrin Muizzuddin Shah – the Sultan of Perak – stands out as a rare blend of royalty and scholarly intellect. 

He holds degrees from the world’s elite universities, including Oxford and Harvard, and even a doctorate in political economy – an unprecedented feat for a Malaysian monarch (1)

Even as His Highness serves as Malaysia’s Deputy Yang di-Pertuan Agong, he is far from a figurehead, and has leveraged his education and passion for knowledge to become a thought leader on economics, history, and governance. 

Sultan Nazrin frequently engages with intellectual circles and the public on issues ranging from economic development to interfaith dialogue (2), even as he describes himself as a “friend of intellectuals everywhere”. (18)

This report explores the journey of Sultan Nazrin Shah – his historical context, education in economics, scholarly projects, publications, and the role he plays as a public intellectual monarch – to shed light on how education has shaped an exemplar king in 21st-century Malaysia.

A Royal Heritage Shaped by History

Sultan Nazrin Shah’s story cannot be separated from the rich history of the Perak Sultanate and its encounters with colonialism. Perak, a state in Peninsular Malaysia, was thrust into the colonial spotlight with the signing of the Pangkor Treaty in 1874, an agreement that marked the start of British political control in Perak (3)

This treaty, imposed after a period of succession disputes and unrest, brought in a British Resident to “advise” the Sultan, effectively subordinating Perak’s traditional governance to colonial interests. 

The late 19th and early 20th centuries saw Perak’s economy transformed by booms and busts in tin mining and rubber, global commodity cycles, and the upheavals of two World Wars and the Great Depression (3)

These historical forces not only altered Perak’s fortunes but also shaped the role of its monarchy. The Sultan’s institution had to navigate the legacy of colonialism, from the erosion of traditional authority under British rule to the challenges of post-independence nation-building.

Born on 27 November 1956, Sultan Nazrin Shah grew up in a royal family conscious of this historical legacy. His grandfather had ruled during colonial times, and his father, the late Sultan Azlan Shah, was himself an accomplished and modern monarch – a former Lord President (chief judge) of Malaysia who strongly valued education and the rule of law. 

From a young age, His Highness was imbued with an understanding that a monarch’s legitimacy lies not just in lineage but in service to the people and dedication to knowledge. 

He later acknowledged the influence of his parents in instilling “uncompromising moral and ethical values” and a passion for justice (4). This grounding in history and values would inform his intellectual interests and his vision of monarchy’s role in society.

The Making of an Economist King: Education and Early Career

Sultan Nazrin Shah’s educational journey is a striking departure from the leisurely princely paths of old. As a boy, he received both local and international schooling, reflecting his family’s emphasis on a well-rounded education. He attended primary school in Kuala Lumpur and continued his secondary education at St. John’s Institution – a premier school in Malaysia’s capital – before going abroad for his pre-university studies. 

In the early 1970s, the young prince studied at The Leys School in Cambridge, UK, for his A-Levels (5). This early exposure to rigorous academic environments set the stage for his higher education at some of the world’s top universities.

In 1976, Raja Nazrin (as he was then known, holding the title of Crown Prince of Perak) matriculated at the University of Oxford. There, he read Philosophy, Politics, and Economics (PPE) at Worcester College and earned a Bachelor of Arts (Honours) degree. 

PPE at Oxford is renowned for producing leaders and thinkers, and it gave him a strong foundation in political and economic theory. Not content with a bachelor’s alone, His Highness pursued graduate studies at Harvard University’s John F. Kennedy School of Government, obtaining a Master’s in Public Administration

He went on to break new ground for Malaysian royalty by completing a Ph.D. in Political Economy and Government at Harvard as well (6)

By the time he returned to Malaysia in the early 2000s, Sultan Nazrin Shah had become one of the most highly educated monarchs in Malaysian history, with academic credentials spanning Oxford to Harvard.

His scholarly training was not merely for prestige – it shaped his perspective on governing and development. At Oxford and Harvard, His Highness absorbed lessons in economics, public policy, and history that he would later apply to understanding his own state and country. 

For instance, he studied the mechanisms of economic growth and governance in developing countries, and he delved into historical analysis as part of his doctoral research (7). This deep academic immersion set him apart as a thinking ruler – one who could engage with experts and citizens on complex policy issues. It also earned him esteem among academia: he has since been made an Honorary Fellow of Worcester College, Oxford and of several colleges at Cambridge, recognitions of his scholarly bent (2).

Doctoral Research: Linking History, Economics, and Colonialism

Sultan Nazrin’s PhD work proved to be a defining chapter in his intellectual development. 

At Harvard, his research zeroed in on Malaysia’s economic history – specifically the early 20th-century economy of Malaya (the precursor to modern Malaysia) during the late colonial period. Titled “Historical National Income Accounting and Economic Growth in Malaya” (or similar, based on his topic), his dissertation involved painstaking original research. He made pioneering estimates of Malaya’s Gross Domestic Product (GDP) for the early decades of the 1900s – a time for which official economic data were scant (7)

By scouring colonial archives and employing econometric techniques, Sultan Nazrin Shah reconstructed how the Malayan economy performed under British rule and how it transitioned through tumultuous periods like World War I, the interwar years, and the Great Depression.

This academic project was more than an abstract exercise – it was Sultan Nazrin’s way of connecting the economic impact of colonialism with Malaysia’s present. His Highness’s research illuminated how colonial policies and global market forces shaped Malaya’s prosperity and later struggles. For example, British exploitation of natural resources (tin ore and rubber, in particular) brought great wealth to states like Perak, but also made them vulnerable to global price crashes. 

Sultan Nazrin explored these dynamics in his thesis, explaining the “volatile” economic changes of that era with data-driven analysis (7). It was uncommon for a royal figure to dive so deeply into archival research and statistical number-crunching, but Nazrin Shah was passionate about uncovering the truths of Malaysia’s economic past. As he later remarked, understanding history – especially the colonial economic legacy – is essential to formulating a path forward for national development (8).

In 2001, armed with his newly-minted doctorate, Sultan Nazrin Shah returned to Malaysia with a new Dr. title, and with a mission. His time in Harvard’s halls had not only earned him academic accolades but kindled a long-term commitment: to advance the study of Malaysia’s economic history and share its lessons with a wider audience. 

This commitment would soon take shape in a major research initiative back home.

Advancing Economic History: The EHM Project

Rather than shelving his thesis and moving on, Sultan Nazrin Shah expanded it into a broader project for the nation’s benefit. 

Soon after his return, with encouragement from the late Malaysian economic historian Shaharil Talib, he established a research team at the Asia-Europe Institute of University of Malaya in Kuala Lumpur (7)

For a crown prince (he was the Raja Muda of Perak at the time) to personally lead a research effort was extraordinary. 

Sultan Nazrin, however, was hands-on: despite the demands of royal duties, he convened regular meetings with his team of researchers – up to 15 assistants managed by economist Dato’ Gnasegarah Kandiah – poring over data and guiding the work (7)

The initial focus of the Economic History of Malaysia (EHM) project was ambitious and clear: to construct a robust set of historical GDP accounts for Malaya, year by year, from 1900 to the eve of World War II (9).

For several years, Sultan Nazrin Shah’s team sifted through colonial records in both Malaysia and the UK, piecing together statistics on tin production, rubber exports, population, and other economic indicators. 

They innovated methods to estimate economic output where records were incomplete. 

The result was a comprehensive time series of Malaya’s GDP (and its components by sector) from 1900 to 1939 (9). This dataset broke new ground – it gave scholars and policymakers a quantitative window into how Malaysia’s economy evolved under colonial rule, through boom times and crises.

By 2016, the project had grown in scope and entered a new phase. 

Sultan Nazrin Shah launched an online platform – the Economic History of Malaysia website – to disseminate the research findings and data (9)

This initiative made decades of painstaking work publicly accessible. The website not only hosts historical GDP statistics and methodology, but also features articles by various scholars on Malaysian economic and social history, reflecting Sultan Nazrin’s inclusive approach to scholarship (9). Under his patronage, EHM became a living project, constantly updating with new research, engaging experts from around the world, and educating Malaysians on their own economic heritage.

Publications and Thought Leadership

One hallmark of Sultan Nazrin Shah’s intellectual engagement is that His Highness has not kept his research confined to academic circles – he actively publishes and speaks to share insights with a broader audience. Over the past decade, he has authored several notable books, effectively translating historical economic analysis into narratives for policymakers and the public. His publications form a trilogy (with more to come) that tracks Malaysia’s economic journey from colonial times to the present:

  • Charting the Economy: Early 20th Century Malaya and Contemporary Malaysian Contrasts (2017) – This was Sultan Nazrin’s first flagship publication after years of research. In it, he revealed the newly assembled data on Malaya’s early 1900s economy and drew comparisons with Malaysia’s post-independence economy in the late 20th and early 21st century (10). The book “broke new ground” by documenting Malaya’s GDP and economic structure under colonial rule, and analyzing how those historical trends set the stage for Malaysia’s later growth (10). It provided a long-run perspective – for instance, showing how per capita incomes, trade, and industries shifted from the colonial period to modern times. Charting the Economy was lauded for its rigorous scholarship and accessible style, reflecting Nazrin’s aim to educate not just economists but also his people about their economic roots.
  • Striving for Inclusive Development: From Pangkor to a Modern Malaysian State (2019) – Sultan Nazrin’s second book moved from pure historical data into the realm of policy and vision. Here, he took a broad view of the past 150 years of Malaysian economic and social development (11). The title itself invokes Pangkor – a nod to the 1874 treaty and the colonial era – juxtaposed with the modern Malaysian state. In this work, Sultan Nazrin charted how far Malaysia has come since the days of British rule, achieving significant economic transformations and social progress, but he also candidly examined the challenges that remain (11). A key theme of the book is “inclusive development” – ensuring that growth benefits all segments of society. Sultan Nazrin emphasized the need to address inequality and to strengthen national unity in the development process, consistent with his long-held advocacy for education, interethnic harmony, and good governance. Striving for Inclusive Development reads as both an analysis of Malaysia’s nation-building journey and a manifesto urging continuous effort toward an inclusive, cohesive society.
  • Globalization: Perak’s Rise, Relative Decline, and Regeneration (2024) – His third and most recent book zeroes in on his home state of Perak, using it as a case study of globalization’s  mixed fortunes. Published by Oxford University Press, this work is the culmination of an in-depth study Sultan Nazrin led on Perak’s economic and social history over 150 years, especially how global economic waves impacted the state (12). Perak was once Malaya’s wealthiest region, riding high on tin mining and rubber during the British era – a time remembered as the state’s spectacular “rise.” The book documents how mid-20th century shifts – the collapse of the tin industry by the 1980s, for example – led to Perak’s “relative decline” within Malaysia as other states like Selangor and Penang surged ahead (12). Yet, Sultan Nazrin does not paint a picture of doom; he explores signs of “regeneration” and potential revival, discussing strategies for Perak (and similarly situated regions) to reinvent their economies in the 21st century. Notably, the book delves into themes such as colonial institutional legacies, federal-state relations, industrial agglomeration, and migration – showing how Perak’s story mirrors those of other once-prosperous areas left behind by globalization (12). Dedicated “to Perakians everywhere,” this volume is as much a scholarly monograph as it is a personal offering from a ruler to his people, distilling lessons from the past to inform future policy.

Accompanying these books, Sultan Nazrin Shah has also edited and contributed to other publications and delivered numerous keynote addresses. 

In fact, his very first published monograph, “The Monarchy in Contemporary Malaysia”, was based on a public lecture he gave in 2004 while he was still Crown Prince (13)

In that lecture – organized by the ISEAS institute in Singapore – Raja Nazrin Shah spoke about the evolving role of constitutional monarchy in a modern democratic nation. It was an early indication that he was already thinking deeply about how a traditional institution could remain relevant in contemporary society

His speeches and essays over the years cover a wide range of topics, reflecting an intellectual breadth not typical of royalty. 

He has written or spoken about ethno-religious relations in Malaysia, the importance of education, the principles of Islamic finance, nation-building and good governance, and the challenges of globalization, among other subjects (14). Many of these speeches are later published or compiled, effectively making Sultan Nazrin a public intellectual in his own right, not just a ceremonial figure.

Not only does he author books, but Sultan Nazrin often officiates at book launches and academic events, signaling his support for scholarship and knowledge-sharing. For instance, in 2018 he launched a historical book about the Perak Sultanate’s cultural heritage, emphasizing how understanding history is crucial for state pride and identity (15)

He has written forewords for academic works and regularly graces conferences and seminars with his insights. Through these actions, he bridges the gap between the ivory tower and the general public, using his platform to promote literature, history, and research.

Engagement with Education and the Public

Upon becoming the Sultan of Perak in 2014, Sultan Nazrin Shah immediately continued the tradition of royal engagement in education – but with his own scholarly twist. 

He was installed as the Chancellor of the University of Malaya (UM), Malaysia’s oldest university, a position traditionally held by the Sultan of Perak. In this role, Sultan Nazrin is a figurehead for one of the country’s top institutions of higher learning, presiding over convocations and promoting academic excellence. 

However, he is not a mere titular head; colleagues at UM note that his “diligence [and] erudition” are an inspiration to the campus community (2)

He has also become Chancellor of Sultan Azlan Shah University, a newer institution named after his late father (2). Through these roles, he advocates for educational advancement and often speaks on the need to empower youth with knowledge and critical thinking skills.

Sultan Nazrin’s involvement in education extends beyond universities. He serves as Chairman of the Board of Governors of Malay College Kuala Kangsar (MCKK), a premier boarding school in Perak that has historically groomed many Malaysian leaders (1)

His interest in nurturing future generations is evident in his frequent addresses to student audiences and graduates. He reminds young Malaysians that education is not just a personal asset but a pillar of national development, a theme he highlighted at forums like the Pangkor Dialogue in 2017: “Education contributes to development by empowering individuals to reach and fulfill their potential… and [it] makes it imperative for education systems to stay ahead of the game in our competitive and challenging times” (he noted in one speech) (16). Such statements underscore his belief that an educated populace is crucial for Malaysia’s progress.

Beyond formal education, Sultan Nazrin Shah has positioned himself as a patron of intellectual and cultural initiatives

Fittingly, he is the Royal Patron of the Harvard Club of Malaysia, connecting him with the community of Malaysian alumni of Harvard University (2)

In this capacity, he supports activities that promote learning and public discourse, often attending Harvard Club events and sharing his experiences to motivate others. 

He is similarly a patron or fellow of numerous institutions: the Oxford Centre for Islamic Studies (where he is Vice-Chair of the trustees) and several Oxford and Cambridge colleges have made him an honorary fellow for his support of academic collaboration (2). Sultan Nazrin also patronizes think tanks and professional bodies; for example, he is a Royal Fellow of Malaysia’s Institute of Strategic and International Studies (ISIS Malaysia) and the Institute of Defence and Security, reflecting his engagement with policy research communities (2).

One of the most visible ways Sultan Nazrin engages with the public is through high-profile lectures and forums. He often speaks at conferences such as the Khazanah Megatrends Forum, a major annual event on economics and finance hosted by Malaysia’s sovereign wealth fund. In 2014, newly enthroned, he delivered an address at Khazanah’s forum emphasizing that as Malaysia rides the “rising tide of the Asian century,” the fruits of prosperity must be equitably shared and sustainably managed for future generations (16)

He stressed that inclusiveness should be the “lynchpin” of the nation’s economic philosophy, a statement reflecting both economic insight and moral conviction. Sultan Nazrin’s words carried weight coming from a monarch-scholar: he was effectively nudging policymakers and business leaders toward a more inclusive and sustainable model of development. Such interventions have earned him respect as a non-partisan voice of reason in national conversations about the economy.

Similarly, Sultan Nazrin has used platforms like the Institute of Southeast Asian Studies (ISEAS) and other international forums to articulate the role of the monarchy in modern governance. In his 2004 Singapore lecture and in subsequent speeches, he argued that the monarchy can and should provide stability, continuity, and moral guidance in a democracy. He famously asserted that the monarch is not meant to be “deaf, blind and dumb” to the nation’s issues, but rather should be a voice of impartiality, fairness, and justice (17).  

This perspective was not just theoretical. 

In Malaysian public life, Sultan Nazrin often speaks up on matters of national importance, from racial unity to governmental integrity, in line with those principles. For instance, during times of political uncertainty, his statements often remind leaders and citizens of the constitutional framework and the need for fair governance.

Perhaps the most telling example of his public leadership came during his inaugural royal address as Sultan of Perak in 2015. In that speech, delivered at his formal installation ceremony, Sultan Nazrin proclaimed that “the monarchy does not merely play the role of a ‘decorative ornament’ for Malaysia” (18)

He went on to elaborate that the institution of the monarchy is a pillar of unity and harmony, enshrined in the country’s Constitution with important duties to perform (18). Using vivid metaphors and even drawing on historical and religious sources, he reminded his people that a ruler must rise above politics as a symbol of justice and fairness (18)

“Thus, the monarch has to be energetic, dynamic and convincing while also fulfilling his duty as a unifying presence,” he said, likening the monarchy to an umbrella under which the people find shelter amid an increasingly divided landscape (19). These words, coming at the moment he formally assumed the throne, set the tone for his reign. They signaled that Sultan Nazrin Shah sees his role not as a passive figurehead, but as an active guardian of his people’s welfare – intellectually, morally, and constitutionally.

Monarchy as Public Intellectualism in the 21st Century

Sultan Nazrin Shah’s unique profile – a head of state with a Harvard PhD and a catalog of serious publications – prompts a broader reflection on what monarchy can contribute to public intellectual life today. In many countries, monarchs have ceded day-to-day power and remain largely ceremonial. Malaysia’s constitutional monarchy is no exception in legal terms; Sultans do not govern, and they must act on the advice of elected governments for most matters. However, Sultan Nazrin represents a case of how a modern monarch can carve out a meaningful space by leveraging soft power – namely, the power of ideas and moral suasion.

By all accounts, Sultan Nazrin Shah is Malaysia’s most educated monarch – a fact that has earned him admiration from the public and the moniker of “Learned Sultan.” Education has given him credibility when he speaks on complex issues. He is able to engage with academics, economists, and statesmen in their own language, often citing data or historical precedent in his arguments. This has allowed him to act as a bridging figure between academia and the public, and between the government and the governed. For example, when he discusses economic policy or the challenges of globalization, people listen not just because he is a Sultan, but because he clearly understands the subject matter. His ideas carry a non-partisan authority – they are rooted in research and the long-term view, rather than in short-term politics.

Moreover, Sultan Nazrin’s scholarly inclination has helped modernize the image of the monarchy in Malaysia. He embodies what some observers call the “Nazrinian monarchy” model: a monarchy that presents itself as a thoughtful, unifying institution, not merely steeped in pomp and ceremony. In a diverse country where unity is fragile, he uses the stature of his office to emphasize common values and shared history. 

His intellectual projects, like the Economic History of Malaysia, also show that a monarch can contribute concretely to national knowledge. Instead of simply patronizing charities (which he also does), he has patronized research that builds an archive of the nation’s memory. It’s a form of intellectual philanthropy: investing time and resources to enrich the country’s understanding of itself.

Importantly, Sultan Nazrin Shah has been careful to stay within constitutional bounds even as he voices out on issues. He often prefaces his more pointed remarks by framing them as lessons from history or principles from the Constitution, thus educating listeners while gently guiding opinion. For instance, during political crises, he might quote past statesmen or legal provisions, indirectly advising leaders to uphold democratic ethics. This approach underscores how his academic mindset complements his royal duties. He navigates sensitive topics by leaning on scholarly evidence or historical anecdotes, which lends a neutral, educational tone rather than a political one.

The Sultan’s emphasis on lifelong learning also sets an example for his subjects. Well into his 60s, he continues to stay updated, engage with new ideas, and even work on new editions of his books to address recent global developments (12). By highlighting that learning never stops – even when one has ascended a throne – Sultan Nazrin inspires Malaysians to value knowledge and expertise. In a speech to an Islamic university, he once emphasized that a community’s strength lies in its knowledge and that leaders must be readers and learners. As patron of the Harvard Club, he often reminds alumni to give back by sharing what they have learned. In these ways, he redefines royalty not as a distant elite, but as a role model for personal development and intellectual humility.

Looking at the broader picture, Sultan Nazrin Shah’s role suggests that constitutional monarchies in the modern world can find renewed purpose by embracing education and intellectual leadership. A monarch who writes books, engages in policy discussions, and supports research can contribute to a nation’s “intellectual capital.” In Malaysia’s case, where the monarchy is intertwined with national identity, having a learned Sultan elevates the prestige of the throne and can even enhance national pride. Many Malaysians take pride in the fact that one of their Rulers has spoken at international forums or authored a book published by Oxford University Press. It places Malaysia’s monarchy in a positive light globally, as progressive and enlightened.

Of course, this approach also comes with the weight of expectations. The public holds Sultan Nazrin in high esteem, which means they listen intently to his words and often hope he will speak out during crises of governance or social tension. Navigating this responsibly has been one of his tasks – to be vocal enough to guide, yet neutral enough to stay above the political fray. Thus far, he has managed this balance adeptly, using historical and economic perspectives to comment on contemporary issues without taking partisan sides.

In summary, Sultan Nazrin Shah exemplifies how a royal figure can serve as a “public intellectual monarch.” Through education, he gained knowledge; through knowledge, he gained influence; and through influence, he strives to better his state and country. His journey from Oxford and Harvard back to the throne in Kuala Kangsar is more than a personal narrative – it reflects a model of leadership where tradition and modern intellect harmoniously coexist. In a very real sense, Sultan Nazrin Shah has shown that scholarship and monarchy, far from being at odds, can together contribute to the public good in the modern world.

Conclusion

Sultan Nazrin Shah of Perak stands as a compelling figure in Malaysia’s contemporary landscape – a monarch by heritage, an economist by training, and an intellectual by passion. His life trajectory, from studying the philosophical debates at Oxford to parsing economic data at Harvard, back to presiding over a historic Sultanate, has given him a unique voice among leaders. Branded “Malaysia’s Economist King,” he has leveraged his knowledge to interpret the past and envision the future for his people. Under his patronage, forgotten chapters of economic history have been reconstructed, and new generations are reminded of the lessons of colonialism, globalization, and nation-building.

The Sultan’s deep engagement with education – both his own and that of his nation – has made him an exemplar of lifelong learning and enlightened leadership. At a time when public discourse can be polarized and short-sighted, Sultan Nazrin injects a long-term, principled perspective grounded in history and data. Whether he is addressing a room of scholars, a hall of students, or a nation hungry for guidance, he invokes the values of knowledge, inclusivity, and unity. In doing so, he reinforces the idea that a monarch’s relevance today lies not in wielding power, but in wielding ideas that inspire and guide.

Sultan Nazrin Shah’s reign in Perak is still in progress, but already his impact is evident in the scholarly works he’s produced, the institutions he’s supported, and the minds he’s touched through his speeches. He has become a bridge between Malaysia’s past and future – illuminating how the trials of history inform the challenges of today, and how good governance and education can pave the way for a better tomorrow. For the Malaysian public, he offers a narrative of royalty that is not about opulence or ceremony, but about service, intellect, and moral stewardship.

In essence, Sultan Nazrin Shah has proven that a king can indeed be an economist, a historian, and a teacher for his nation. His story enriches the tapestry of Malaysia’s monarchy, showing that tradition can find new life and purpose in scholarship. As Malaysia continues to navigate the complexities of the 21st century, the example of its “Economist King” – a leader who continually learns and enlightens – will remain a beacon, reminding all that knowledge is the truest royal inheritance.

References (Bibliography)

  1. Nazrin Shah of Perak – Wikipedia. Sultan Nazrin Muizzuddin Shah (born 1956) is the current Sultan of Perak (ascended 2014) and is noted for being a strong advocate of education, holding a BA from Oxford and a PhD from Harvard(en.wikipedia.org)(harvardclubofmalaysia.org).
  2. Harvard Club of MalaysiaOur Patron, Sultan Nazrin Shah. Describes Sultan Nazrin as ascended in 2014, Chancellor of University of Malaya, Honorary Fellow at Oxford and Cambridge colleges, etc., and notes his roles (former Financial Ambassador, now Royal Patron for Islamic finance initiative) and UN co-chair position. It highlights his research interests in economic and political development, and lists his publications Charting the Economy (OUP 2017) and Striving for Inclusive Development (OUP 2019). It also mentions he speaks on constitutional monarchy, governance, Islam, finance, education, etc.( 1. harvardclubofmalaysia.org).
  3. Economic History of Malaysia (EHM)About the Project. Explains the historical context of Malaya/Malaysia’s economy, “defined by the signing of the Pangkor Treaty in 1874” which led into waves of globalization, tin and rubber boom-bust cycles, colonialism, world wars, decolonisation and independence in 1957. Emphasizes that understanding this history is key to an informed society( ehm.my).
  4. EHM – About HRH Sultan Nazrin Shah. Highlights Sultan Nazrin’s advocacy of good governance, multiculturalism, and rule of law “like his father, Sultan Azlan Shah”, noting he has a passion for judicial independence and credits his parents for instilling strong moral values(ehm.my).
  5. Wikipedia (Early life education details). Notes that Nazrin Shah studied at Sekolah Rendah Jalan Kuantan (KL, 1962–67), St. John’s Institution (KL, 1968–70), and The Leys School in Cambridge, UK (until 1975) before pursuing higher education(en.wikipedia.org).
  6. EHM – About HRH. Confirms Sultan Nazrin’s higher education credentials: B.A. (Honours) in PPE from Oxford University; MPA from Kennedy School of Government, Harvard; and Ph.D. in Political Economy and Government from Harvard University(ehm.my).
  7. EHM – About the Project. Describes how Sultan Nazrin’s interest in economic and social development was propelled by his PhD dissertation at Harvard, where he produced pioneering estimates of Malaya’s early-20th-century GDP and analyzed the volatile economic changes of that period with econometric methods(ehm.my).
  8. EHM – About the Project. Details the establishment of the research team at University of Malaya after his return in 2001. Sultan Nazrin led a team (with Dato’ Gnasegarah, Harbans Singh, etc.) to create a comprehensive historical GDP series for Malaya (1900–1939) by gathering colonial statistical records from archives in Malaysia and the UK(ehm.my).
  9. EHM – About the Project. Chronicles the evolution of the Economic History of Malaysia project. In 2016 it launched a public website to share data and research. It notes Sultan Nazrin “launched his first flagship publication Charting the Economy: Early 20th Century Malaya and Contemporary Malaysian Contrasts in January 2017,” which broke new ground in understanding Malaya’s economic performance under colonial rule vs post-independence( ehm.my). It also notes a second volume (methodology) was prepared. Further, it records that in July 2019 he published Striving for Inclusive Development: From Pangkor State to a Modern Malaysian State, analyzing Malaysia’s transformations and remaining challenges, calling for an inclusive Malaysia(ehm.my).
  10. EHM – About the Project. Describes the Perak-focused research starting 2020, covering how “British colonialism took over from Perak’s traditional governance, exploiting tin and rubber,” and examining sub-themes like colonial legacy, federal-state relations, etc., with global parallels(ehm.my). It notes the outcome as Sultan Nazrin’s third book Globalization: Perak’s Rise, Relative Decline, and Regeneration, published June 2024 by Oxford University Press(ehm.my).
  11. EHM – About HRH. Quotes Sultan Nazrin from an Oxford-Cambridge Society dinner (2008) on monarchy’s role: “The monarchy in Malaysia has discretionary powers… but also responsibilities beyond what’s written. Rulers cannot be deaf, blind and dumb to critical issues… They must be voices of impartiality, fairness and reason… and must adapt to new realities to remain vibrant.”(ehm.my).
  12. Malay Mail“Sultan Nazrin: Monarchy not just decorative ornament” (7 May 2015). Reports on his inaugural address as Sultan of Perak, where he stated “the monarchy does not merely play the role of a ‘decorative ornament’… [it is] one of the main pillars of the nation’s unity and harmony.” It mentions his speech’s rich content (Qur’an passages, historical anecdotes) and his description of the monarch’s role as a bipartisan upholder of justice and fairness(malaymail.com). It also quotes him: “Thus, the monarch has to be energetic, dynamic and convincing while also fulfilling his duty as a unifying presence,” and notes he likened the monarchy to an umbrella uniting the people in a divided landscape(malaymail.com).
  13. ISEAS PublishingThe Monarchy in Contemporary Malaysia (Public lecture by Raja Nazrin Shah, 27 July 2004 in Singapore). A 26-page paper published from his lecture on the modern role of monarchy, indicating early engagement with such intellectual discourse (13)(bookshop.iseas.edu.sg).
  14. Harvard Club of Malaysia – further notes. Highlights that Sultan Nazrin has “written articles and spoken on a wide range of issues including constitutional monarchy, nation-building, governance, Islam, Islamic finance, ethno-religious relations, education, and socio-economic development,” reflecting his broad intellectual interests(harvardclubofmalaysia.org).
  15. Malay MailSultan Nazrin launches book on history of Perak Sultanate (3 July 2018). Details that Sultan Nazrin launched a book titled “Perak Sultanate: The Historic Royal Glory of Perak Tengah,” published by UTP, which covers Perak’s cultural heritage and history. During the launch, he spoke about how the book captures important historical dynamics and challenges faced by past rulers, linking them to the state’s present stability and prosperity(malaymail.com).
  16. Economic History Malaysia – quotes of Sultan Nazrin. For example, at the Pangkor Dialogue 2017, he said “Education contributes to development by empowering individuals… imperative for education systems to stay ahead in competitive times.” And at Khazanah Megatrends Forum 2014, he emphasized inclusiveness and sustainability: “the ethos of inclusiveness and sustainability should form the lynchpin of our economic philosophy… growth must be sustainable across generations”(ehm.my).
  17. EHM – About HRH. Notes Sultan Nazrin’s engagement with diverse groups and forums, stating he “reaches out to young Malaysians, graduates, professionals (e.g., Inter-Pacific Bar Association) and international Islamic finance community… presenting on constitutional monarchy, nation building, governance, education, socio-economic development, etc.”(ehm.my).
  18. EHM – About HRH. Describes Sultan Nazrin as “a friend of intellectuals everywhere” with a “seemingly insatiable appetite for knowledge.” As UM Chancellor, “his diligence, erudition and fairness are a source of inspiration to staff and students”. This speaks to his role in academia and influence on educational institutions(ehm.my).
  19. Harvard Club / UN roles. Sultan Nazrin was appointed Co-Chair of the UN High-Level Panel on Humanitarian Financing (2015) by the UN Secretary-General, reflecting international recognition of his expertise. He also served as Malaysia’s Special Envoy for Interfaith and Inter-Civilisational Dialogue at the UN Alliance of Civilisations, underlining his involvement in global discussions on cultural and religious harmony(harvardclubofmalaysia.org). These roles complement his intellectual and moral leadership at home.

Welcome to Sepupunomics!

Victor Tan
 

Welcome friends and sepupus from around the world!

Sepupunomics is a blog and educational resource for both the young and the old on the wonderful subject of economics!

At this stage, many of you are coming from YouTube – thank you for stopping by and I hope you’ll find this entertaining and educational.

If you didn’t, you’re probably wondering – What is a sepupu?

Well, it means “cousin” in Malay. If you’re not down to read too much, just know that in my mind, I am sepupu, you are sepupu, we are all sepupu from across the universe; if you REALLY want to know what a Sepupu is and why I’m using this name against all good sense and even though it requires an explanation, here’s why this site is called Sepupunomics.

Part blog, part IGCSE, A Level, and IB Diploma Program economics resource sheet and combination of deep dives that almost nobody goes into, this is my attempt to help you understand the world and economy a little better as I learn about the world through the lens of economics, read about it, and reflect about it with you on this journey.

If you’ve never studied economics and you want to know why you should consider studying it…

Start with What is Economics and Why Learn About It?

There you will get a bit of the flavor of choice, what economics is, and why you may care even if you never take economics formally as a subject.

I hope you will have fun reading and thinking about some of these questions which have animated me for many years!

Meanwhile, just as we have our things in order, consider the…

Site Directory!

IGCSE, A Levels, and IB Diploma Economics: What You Need To Know

  1. Syllabus-related
  2. Tips for optimizing your time for exam practice

Cambridge IGCSE/A Level Economics

  1. Syllabus-related
  2. Premium resources:

IB Diploma

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Resources and publications

Think of these as different things that I’d like to offer to you to give you value so that you will be willing to support my journey. Premium reports are curated reports on a range of different issues which you can go ahead and learn about just by reading this website. Generally speaking, you can expect these to deepen your understanding of the world and bring you just a little bit further in your journey.

I started this blog because it’s what I would have wanted as a student, and I think that the topics within are both fascinating and intriguing to me – if they’re interesting to you too, it looks like we’ve found a match, an equilibrium, a clearing! 😀

Also yes, it is a blog, so you’ll get some of my thoughts here, there, and everywhere.
If you find this work valuable, do consider sharing it over social media, sharing it with your students, feel free to integrate it into your lesson plans as well, and make sure to learn as much as you can during this epic time ahead 🙂

…What are you waiting for?

Meanwhile, a most urgent matter: If you’re here for the first time and scratching your head about what a sepupu is, it means “cousin” in Malay – also, watch this video.

It may seem silly, but this is one of my many sources of motivation. More to come soon!

Happy reading!

V.

What Is A Sepupu

Victor Tan
 

If you don’t know who I am or why I’m calling myself a sepupu, you are in the right place!

Well, here’s your answer. 

I am sepupu, you are sepupu, we are all sepupu. 😭

The jokes aside though, it means “cousin” in Malay, and I am effectively calling you all my cousins.

Now why would I do that even though this is an international site and maybe “Sepupu” might kill the SEO or something all too arcane for me to understand let alone care about…?

Because of a legendary woman whose achievements are too great to leave forgotten in the tides of history, whether she comes from a country that is really economically relevant in the world in the grand scheme of things, or not.

Without further ado…

May I present to you the one… The only.

The Queen Sepupu, Siti Mastura. 

In a speech in November 2023, Siti Mastura declared that everyone on earth was a sepupu – a cousin, if we’re to translate that into English.

Lim Kit Siang and leader of the then Malaysian opposition became the sepupu of Chin Peng, the leader of the Malayan Communist Party, Anthony Loke too became a sepupu, and so did Teresa Kok and Betty Chew (Wife of Lim Guan Eng), and countless others, like Nga Kor Ming, and Ngeh Kong Him (poor Ngeh Koo Ham), all of whom are only not included here because this lady couldn’t get the name right despite having her PhD. 

Oh, but her ambition did not stop there.

Before long, in the middle of her touching delusional rant, the sepupu network extended across time and space and eventually went across borders, apparently, to the point that somehow or another everyone became the sepupu of “Lim Kuan Yew”, the “Chief Minister” of Singapore.

I made this video to immortalise what she said.

Feel free to watch it, to join a gang of sepupus, and to check out my work on YouTube as well 😀

Can’t watch at the moment and can only read? No problem! Here’s a transcript and translation.

Original (BM) – Paragraphed

Kalau kita tengok dalam salah silah keluarga satu individu ini, ayah dia bernama Lim Kit Siang. Anak dia nama Lim Guan Eng. Lim Kit Siang, Lim Guan Eng — dua beranak. Lim Kit Siang dan Chin Peng, apa hubungan ni? Apa? Sepu…? Sepupu!

Siapa Chin Peng? Siapa Chin Peng? Ketua Komu… Komunis! Yang sebelum ni viral isu nak bawa balik abu mayat dia ke Malay? Malaysia.

Lim Kit Siang dan Chin Peng — alah sepupu. Lim Kit Siang dan Lim Guan Eng — alah dua beranak. Lim Kuan Yew, siapa? Siapa? Siapa? Ketua Menteri Singapura. Apa hubungan dengan Lim Kit Siang dan juga Chin Peng?

Sepu…? Sepupu! Lim Kuan Yew dan Lim Kit Siang? Chin Peng? Sepu…? Sepupu! Nampak tak susur galur dia? Nak katakan apa?

Lim Kuan Yew duduk di Singapura hari ni. Apa yang telah dia buat di Singapura kita nampak model-model itu sedang berada di Malay…? Malaysia. Dan hari ni mereka tidak pernah tidur, dan salah silah keluarga mereka akan buat sehabis daya.

Itu tak habis lagi tu. Saya sebut nama tu — Lim Guan Eng masih ada di sidang parlimen. Teresa Kok — YB mana? Parlimen…? Sepu? Seputeh!

Apa kaitan Teresa Kok dengan depa ni? Teresa Kok, isteri Lim Guan Eng tu? Dengan Teresa Kok…? Sepu…? Sepupu!

Anak-anak nakan depa… kalau orang… apa maksud anak nakan? Anak saudara ke? Anak saudara ya? Ya, astagh…

Anak-anak saudara dia pun yang masih lagi wujud dalam keturunan Chin Peng ni, keturunan Lim Kit Siang ni, yang ada di parlimen hari ni, yang ada di ADUN hari ni. Siapa?

Antara yang lain — Anthony Loke. Siapa lagi? Nga Kor Ming. Siapa lagi? Ngeh Koo Ham.

Ini semua nama Melayu ke? Nama Cina? Semua yang saya sebut ni wujud lagi dah dekat Malaysia? Hidup lagi tak? Hidup.

Nak sebut apa? Agenda mereka, satu keluarga, sentiasa berjalan. Dan sentiasa melahirkan pengkaderan-pengkaderan dalam kalangan ahli keluarga serta parti mereka. Mereka.

English Translation – Paragraphed

If we look at the family lineage of this one individual — his father is named Lim Kit Siang. His son is Lim Guan Eng. Lim Kit Siang, Lim Guan Eng — father and son. Lim Kit Siang and Chin Peng — what’s their relationship? What? Sepu…? Cousins!

Who is Chin Peng? Who is Chin Peng? The head of the Com… Communists! The one whose ashes went viral when there was an attempt to bring them back to Malay…? Malaysia.
Lim Kit Siang and Chin Peng — they are cousins. Lim Kit Siang and Lim Guan Eng — father and son. Lim Kuan Yew — who is he? Who? Who? The Chief Minister of Singapore. What’s his relationship with Lim Kit Siang and Chin Peng?

Sepu…? Cousins! Lim Kuan Yew and Lim Kit Siang? Chin Peng? Sepu…? Cousins! Do you see the pattern now? What do I want to say?

Lim Kuan Yew is in Singapore today. What he’s done in Singapore — we’re seeing that same model here in Malay…? Malaysia. And today, they’ve never stopped — their family lineage will do everything it can.

And that’s not even all. I mentioned that name — Lim Guan Eng is still in Parliament. Teresa Kok — which YB is that? Parliament…? Sepu? Seputeh!

What’s Teresa Kok’s connection to them? Teresa Kok — Lim Guan Eng’s wife? With Teresa Kok…? Sepu…? Cousins!

Their nieces and nephews… if people… what’s the meaning of “anak nakan”? Nephews and nieces, is it? Yes? Astagh…

Even their nieces and nephews still exist — descendants of Chin Peng, of Lim Kit Siang — who are still in Parliament today, still in the state assembly today. Who?

Among them — Anthony Loke. Who else? Nga Kor Ming. Who else? Ngeh Koo Ham.

Are these all Malay names? Or Chinese names? All the names I’ve mentioned — do they still exist in Malaysia? Are they still alive? Yes, alive.

What does this tell you? Their agenda — one family — is always moving. And always producing more cadres among their family members and within their party. Them.

Now why am I creating a drama about this and even naming a literal site after her?

What a weird take? What a specific situation? What a challenging situation why would you even…?

Well, it is because politics and economics are inseparable from one another, and also that I was completely horrified, shocked, and disgusted as a human being.

Understand that as a Malaysian, I care about my beautiful, imperfect, slightly more imperfect than beautiful country – and this woman was destroying everything I believed in, openly, willingly, and getting supported by hypocrites pretending to be the ultimate defenders of their religion while openly taking part in slander.

What was worse?

Those hypocrites take part in foreign interference, want to destroy my country’s constitution and monarchy, revamp and destroy my society while pushing a twisted version of their religion while declaring that murder and slander are greater sins than secularism, and they have the gall to act as if they are the representatives of the people.

Here she was, a woman with a PhD, a literal representative of the people, giving a speech with absolutely no facts about history in it, a speech either filled with lies if she knew those things were false (how on earth do you get Lee Kuan Yew wrong and who told you there’s a ‘chief minister of Singapore?!’), or incompetence if she didn’t do any research despite the fact that she has a literal PhD.

I could not believe the level of nonsense I was listening to – and that too from someone moonlighting as a ‘representative of the people’ from a party openly supporting her that happens to command the largest number of seats in parliament, showcasing that people actually believe and support this nonsense.

I figured that if this is the kind of absurdity we’re getting on a daily basis… We may as well embrace that absurdity and make something good out of it.

Here’s what I said, and I stand by every single word.

Skip it if you already watched the video or if you did watch it and you want to refresh yourself, have a look.

According to Siti Mastura, I am a sepupu, you are sepupu, and everybody else is a sepupu.

There’s a bit of a twist right here that apparently makes some people think that Siti Mastura is a genius.

According to them, Siti Mastura got all that information from a propaganda book. She is splitting apart Barisan Nasional and also the DAP, which by the way are political enemies of the PAS. So some people are going out there and saying that this makes her so smart, oh my gosh, she has 900 IQ.

The thing is that if this is her justification for this right here, I don’t know if it’s going to stand in court. You see, the BN Com’s book obviously is bringing out spurious false information.

So if she believed it, then in that case, then she didn’t actually seek out evidence, which is weird because she’s a PhD and that’s exactly what you’re supposed to do. You can’t make spurious claims or you’re doing research right there.

So then what kind of research was she doing? What kind of PhD did she get? But if she didn’t believe it somehow, but she then said it anyway, then in that case, she lied – and although Siti Mastura did say that you can’t judge people on the basis of three minutes of speech right there, and actually there were 24 minutes, that video is now long gone. It doesn’t exist anymore.

What can we see from the speech though? We can see clearly that there was no sense of logic, no sense of facts, no sense of reports either, as she used religion to try to justify her lies.

And by the way, says that it’s a speech, not a thesis, and therefore she shouldn’t have to use evidence.

What is a fact is that this lady actually is the MP for Kepala Batas. This is the kind of thing that we’re seeing out there in the Malaysian parliament – She won an election; it means that there are people who are actually attracted to this kind of politics out there in Malaysia.

What does it mean if there’s a whole generation of people out there who are actually genuinely believing this kind of nonsense that you see out there?

But see, the inconvenient thing about democracy is that it doesn’t stop being democracy just because things aren’t going your way, and understanding that makes you understand that many of Siti Mastura’s supporters want her to tell the lies that she is telling. That’s a fact.

On the Malaysian side, we are linked.

We are tied to race and religion politics in many negative and unproductive ways right here; there’s a ton of communalism wherever it is that you go, and with PAS, there’s a special breed of this which manifests in telling people that they should destroy vernacular schools, no attempt to discuss the economy, no attempt to increase harmony, and a continual religious bigotry that is deeply negative towards the social fabric of a multicultural, multidiverse, and multicivilizational Malaysia.

At the end of the day, if you don’t educate Malaysian people, then there will be a hundred more Siti Masturas that will spring up, even if you happen to take this particular one down, and so long as the people of Malaysia or of any other country happen to remain uneducated.

But it’s not just PAS as well. Many of us we cleave to our own communities out there. We depend upon race, religion, and narratives about the other being evil and destructive to our society so much that oftentimes there is a lot of tension that comes about because we don’t understand one another and we refuse to understand one another.

And so on my part, I think that at the bare minimum, we should normalise taking politicians to account to what they say right here.

And of course, Siti Mastura is still in court at the moment.

But I think that if she actually is sued and DAP actually wins in this case right here, then that will show to Malaysia as a whole that parliamentarians cannot say whatever it is that they want and then just get away with it.

We need a better kind of politics. I think we should cultivate a generation of people who aren’t afraid to speak up and to take people like this to task and call them out for basically the things that they’re saying on a day-to-day basis.

Ideally though, this won’t just happen on YouTube or in urban centres where this video may be watched, but also in rural areas where this kind of content doesn’t necessarily reach people where linguistic barriers may exist.

So if you have power to speak out and to change these communities, let them know that something is better, then please go ahead and do so and you will contribute towards a better Malaysia – The people of Malaysia for so long have just been so used to this kind of nonsense that it is really normalised amongst us, but hopefully in this case it’s going to take us to account right here because frankly, nobody in their right mind is going to believe that somebody like Siti Mastura can go ahead and get away with it without being questioned along the way.

There is something better out there, and politics doesn’t always have to be about race, religion and all sorts of nonsense out there.

At the end of the day, somehow or another, we, the Malaysian people, can actually move forward without playing into politics and nonsense.

That’s said, this is your average daily sepupu signing out. Thanks for watching – I’ll see you soon.

Well…

This site is my doing my best to educate people, to build a business based on knowledge and to empower not only my country but my world.

It is an effort to make sure that if there are a hundred Siti Masturas that will spring up, there will be thousands more from not only Malaysia but also beyond the borders of the country who will understand when politicians make stupid statements that are not justified.

It is not a trivial problem, it is not a simple problem, it is a problem that exists right now, it will exist after you become educated – because the problem is not just you, the enlightened one.

It is hundreds of thousands leading up to millions of people who don’t even speak English and never will who fall into this kind of garbage narrative caught up with wild conspiracies about family members that actually have no genetic relation conspiracies based on race, brought together by religious hypocrisy, lies, gaslighting, and even more lies.

The thing you need to understand is this: if you feel that this makes you feel helpless in some small way, just know that it did make me feel that way as well. But somehow you are here and you are reading this. You may not even be from Malaysia and you may not even have heard about this woman before. But I think that you can see from what I am saying that there is a deep frustration in me about a problem that seems systemic and that cannot go away – But that I have decided to channel it into light rather than frustration.

It may seem a little odd that I take the trouble to remember something that causes me deep pain publicly on a grand scale not only to the few hundreds of you who visited on the first two days, but to thousands more people, and the thousands more who will come when you share this – just to one single friend and ask that friend to share again – so long as you find this useful, beneficial, and enjoyable for you.

Over time, though, the pain has given rise to absurdity, to the realization that this kind of thing cannot be my reality – That I cannot not reclaim sanity.

Well, let a hundred Siti Masturas and their fitnah flowers bloom. I am not here to save the world, but if I can, I will help more of you than that – if it would save my country somehow, I would consider it a blessing beyond all measure, but it is not something that I ask for.

I ask only that when you see this kind of hypocrisy in your own lives, please counter it with knowledge. When you see nonsense, please rebut it with logic. When you look at the grandiose plans of foolish leaders, please speak truth to power and deny foolish populists the right to compromise your will whether by gaining a voice or becoming so good at your choices that you’re successful in your careers, lives, and everything that you do will change the world around you, so that this will be something that you will be more than strong to bear.

Coincidentally, learning the skills to be able to do that is standard territory with economics, and that will be what we do here at Sepupunomics – Look through this kind of nonsense and these lies with the tools of economics and with logic.

Thank you for coming with me and thank you for going through the BS with me.

Remember, you are sepupu. I am sepupu. We are all sepupu… At least, according to Siti Mastura and her delulu gang.

Well, they can stay delulu and they can call us whatever they want. In the grand scheme of things, they will not matter – although they are welcome to delude themselves. Call the world a mere passing through, allege that they want to live for the afterlife, while justifying that their leaders must have amazing cars and amazing houses as their people suffer.

I have no idea if the political situation will change or if somehow these people will be confounded. What I know is this: whatever happens at the end of the day, they will not be relevant.

They can have their petty histories and their gaslighting.

We, on the other hand, will change what matters.

Till then, sepupus!

V.