The British watchmakers refused to believe that foreign manufacturers could outperform them and “… they carried this prejudice with them as the industry twitched and kicked in its death throes”. The arrogance of the British watchmakers was both surprising and unsurprising. As it turns out, by 1870, Switzerland produced over two-thirds of the world’s watches by value, leaving British watchmakers far behind in the dust. Those who are privileged from the status quo will always seek to preserve the status quo. We should ask ourselves — what might the non-progress of structural reform in Malaysia tell us about our status quo?

Source: The Edge Markets April 14, 2022 15:34 UTC