Boom-or-bust commodities and industrialization in pre-World War II Malaya

This article links the terms of trade, money supply, labor market, and money and credit markets to explore a puzzle in Malayan economic history: why, despite rapid growth and high per capita income, did pre-World War 11 Malaya industrialize so little? A range of data is drawn together to show how for Malayan manufacturers economic boom was accompanied by precipitate deterioration in the real exchange rate, while in a slump credit contracted sharply and with it the size of the Malayan market for manufactures. Analysis of Malayan experience maybe relevant for understanding slight industrialization elsewhere in Southeast Asia.