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of the I 970s, these trust agencies, notably of NEP was not just a substantial shift in the proportions of

Perbadanan Nasional (PERNAS) and later the Pennodalan Nasional Berhad (PNB), aggressively bought shares in, merged with, or totally took over estab- lished foreign companies. By 1982 the government had invested $2.4 billion for PNB to acquire companies. The result

The result of NEP was not just a substantial shift in the proportions of bumiputra, other Malaysian and foreign-share ownership {to 21.9 percent, 48.4 percent, and 29.7 percent in 1985),69 but the creation of institutionally based indigenous capitalists with their own vested interests. As in Indonesia, the state served as a base for the rise of a national bourgeoisie, high oil prices provided the funds for state spending, and then the collapse of commodity prices plunged the government into fiscal crisis and a dangerous level of international debt, thus shifting the balance of power back in foreign capital's favor.