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Like other high performing Asian economies (HPAEs) in South East Asia, Malaysia experienced negative growth from 1997–1999. This setback in economic growth can be attributed to internal as well as external factors. Inter alia, relaxed foreign currency regulations, financial system reforms and stability, together with speculation resulted in one of the most severe recessions in Malaysia's modern history. This, in turn, revived the domino and the house of cards effect in Malaysia and other HPAEs in South East Asia. To be back on track on the secular trend of the last four decades, Malaysia has adopted bold, continuous and pragmatic measures. Cooperation with other members of the HPAEs in terms of trade and finance is seen to be a long run conduit for better regional growth and development.

Malaysia is one of the high performing economies (HPE) in Southeast Asia. It had experienced strong growth and development for the period between 1957 and 1995. Socioeconomic planning, structural and trade adjustments, and adoption of pragmatic policies that promoted agriculture as well as the manufacturing sub‐sector resulted in higher productivities, incomes and standards of living. Policymakers were also successful in adopting policies that mitigated poverty and, to a lesser extent, decreased income inequality.

This paper aims to discuss aspects of successful and unsuccessful development experiences in southeast and southwest corners of Asia.

It provides historical background to practices, strategies and policies adopted by policymakers in both of these regions. It identifies factors that a successful development cannot do without.

The paper concludes that geopolitics can inspire and exploit religion and ethnicity to impede LDCs' development.

Examines the process of development from a practical standpoint in two different areas in Asia: first, Malaysia, Taiwan and South Korea, and, second, Iraq, to identify factors that development cannot be successful without.

To maximize society's welfare, economists should be concerned with the efficient use of the stock of natural resources. The stock of natural resources is a gift of nature. The usefulness of this stock comes from its alternative uses, e.g. existence, exploitation and bequest. Therefore, the maintenance of this stock should be part and parcel of economic policymaking, particularly in less developed countries. Otherwise, the latter countries will face scarcity of wealth induced by decline of their environment.

The capacity to generate and how to avoid the dismantling of wealth is the premise upon which the European Union (EU) has been established. The road to EU as a nation will not be as smooth as some European countries would have hoped. Structural incompatibilities, political rivalry and speculator's behavior are some of the factors that will affect the performance and unification of Europe. Ultimately, cooperation between rival nations is a vital factor to a successful unification of Europe, better global well being and trade and development.

American society has been experiencing socio economic and political institutional change since the sixties. To utilise society’s human resources more efficiently and to improve society’s socio economic fabric, enactment of egalitarian amendments such as the affirmative action and the equal pay act, among others, were promulgated. However, the road towards better and more equitable wages for both genders has been bumpy. Recent evidence suggested that gender pay differential is still high and may not be in line with policy making intent.