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However impressive the economic success of Penang has been over the past four decades, structural conditions in the region call for a fundamental reconfiguration of this Malaysian state's competitive advantage. In the 1970s, the ageing entrepôt transformed itself into a manufacturing hub for the electronics industry and a well-known tourist site. This outward-looking model of economic growth has underpinned Penang's economic development up until the present. The question that now arises is whether Penang's present mode of development will continue to be effective, or whether it will have to transform itself. First, Malaysia in general, and Penang in particular are caught in a middle-income trap. Second, while the evolving weight of the global economy is shifting towards Asia, many of its emerging powers are competing with Penang in areas where it formerly excelled. Third, Penang is a state within a federation, and its capital, George Town, is a secondary city. Neither can rival Kuala Lumpur in terms of size or facilities, and thus must offer investors other attributes. Effectively meeting these challenges while retaining Penang's vibrant and living culture are the key issues that are dealt with in this second volume of the Penang Studies Series.

World Heritage areas --- Pulau Pinang (Malaysia : State) --- Economic conditions. --- History. --- Social life and customs. --- World Heritage sites --- Cultural property --- Historic sites --- Natural areas --- Negeri Pulau Pinang (Malaysia) --- Penang (Malaysia : State) --- Pinang (Malaysia : State) --- Pulau Pinang (State)

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The story of Penang would be incomplete without the Big Five Hokkien families (the Khoo, the Cheah, the Yeoh, the Lim, and the Tan). It was the Big Five who played a preponderant role not only in transforming Penang into a regional entrepot and a business and financial base, but also in reconfiguring maritime trading patterns and the business orientation of the region in the nineteenth century. Departing from the colonial vantage point, this book examines a web of transnational, hybrid and fluid networks of the Big Five comprising of family relationship, sworn brotherhood, political alliance and business partnerships, which linked Penang and its surrounding states (western Malay states, southwestern Siam, southern Burma, and the north and eastern coasts of Sumatra) together to form one economically unified geographical region, having inextricable links to China and India. With these intertwining networks, the Big Five succeeded in establishing their dominance in all the major enterprises (trade, shipping, cash crop planting, tin mining, opium revenue farms), which constituted the linchpin of Penang's and its region's economy. By disentangling and dissecting this intricate web of networks, this book reveals the rise and decline of the Hokkien mercantile families' nearly century-long economic ascendancy in Penang and its region.

Family-owned business enterprises --- Business networks --- History. --- Pulau Pinang (Malaysia : State) --- Commerce --- Business networking --- Networking, Business --- Networks, Business --- Social networks --- Industrial clusters --- Strategic alliances (Business) --- Business enterprises, Family-owned --- Family business --- Family businesses --- Family enterprises --- Family firms --- Business enterprises --- Negeri Pulau Pinang (Malaysia) --- Penang (Malaysia : State) --- Pinang (Malaysia : State) --- Pulau Pinang (State)