Will this coming election be another lost opportunity for Malaysians? The problem with the Malaysian media and the voting public is that we have never come to grips with the real core issues facing our nation. The calls by Anwar Ibrahim and a significant number of people to dismantle the NEP is indeed a no-brainer.

Some people may claim that giving special privileges to a so-called disadvantaged ethnic group has the same rationale as giving special protection to infant industries. To some extent, I agree: protectionism was fairly successful in Japan's fledgling auto industry because it was accompanied by a policy of vigorous and healthy domestic competition.

Japan's carmakers, eventually, through innovative copying of Western technology and the power of market incentives, were able to become world leaders in the car industry. But for how long can a group of people be given these protective measures when instead of becoming more economically independent, they become more dependent each year on government and private sector handouts?

From a political economic standpoint, what Malaysians need to understand is that one, the NEP is a form of central planning to redistribute economic wealth. And this type of social experiment will be an utter failure and disaster because the economic tragedy of socialism in any form is already a fact in Europe, Russia, Maoist China and South America. Any social economic programme to benefit a certain group of people is a form of socialism. It has never worked and can only fail all the more in the current globalised economy.

Malaysia's future economic well-being is the main issue and not many of our politicians have any idea what are the real issues this nation faces. Even the simple removal of the NEP (or its re-branding into another name) will not undo the damage that has been caused by decades of economic disincentives. This leads to the second point that the NEP is basically a very effective incentive for a nation to be complacent, to be non-competitive (however much you lecture them) and totally disconnected from the current realities of the global economy.

We have relied so much on the undervalued ringgit to keep our manufacturing sector competitive that we face the risk of being hollowed out like what is happening in the US. The difference is that for them, the Americans have the innovative and technological talents to attract foreign capital and keep the economy flexible enough to survive for many more decades.

The other issue we face is whether with the rise in oil prices, the country may be facing some risk of the Dutch disease whereby high oil prices and oil revenues were spent indiscriminately and the Dutch nation fell from grace.

I think God has blessed our country with two things which are not natural resources. One is the faith of the people to pray for the country's well-being and community and the second is the intelligence and wisdom of many Malaysians from across all ethnic groups to thrive and excel despite the economic hindrances and disincentives that have shackled the people. Perhaps the best strategy is to first show people the strong links between vested corruption/interests and this social policy before announcing the total removal of the NEP. Then Malaysians from all communities can grasp the actual damage that this nation has endured.

This should be a time for the nation to reflect on its 50th anniversary of independence. It is my prayer and hope that with this reflection and the asking of right and meaningful questions (not with the emotions that will stir up ill-will), we will be prepared to enter into new era, a new stage of economic, intellectual and spiritual growth for all citizens. Otherwise, we will be just another small Asean country trying to cope with the fast-changing world, where even China's communist system is under tremendous daily pressure to change or collapse.

These are the election issues we face; not whether the stock market will go up or down, whether the opposition will get some credible candidates or whether Barisan Nasional will maintain its electoral performance.