'Political Tsunami'

In contrast to 1969, this time around Malaysia has been remarkably calm. On Monday, the first working day since the elections, the only action was at the stock market, where a selloff of government-linked companies led to the Kuala Lumpur Composite Index falling by almost 10 percent. That triggered a one-hour suspension of the market, and the value of some construction companies with large government contracts fell by more than 30 percent. "This change of leadership in the state governments could be quite a headache for us," says the head of a large Western mining concern, who spoke on the condition of anonymity. "We are not certain what will happen to our concessions."

Corrupt officials and the lack of transparency in government contracts were a big issue ahead of the elections, especially since Abdullah romped to victory as prime minister back in 2004 with a clear manifesto to clean up the government.

Abdullah is the successor to Malaysia's strongman, Mahathir, who ruled the country with an iron will for 22 years. Abdullah has done much to promote civil society and a plurality of voices, but calls for more change have been growing louder and louder.

Even Mahathir himself has become a vocal critic of his successor. Right after the elections he led calls for Abdullah to resign, saying that latter had "destroyed" the National Front. "I think the people must have been very angry—all the races, Chinese, Malays and Indians," said Mahathir, adding that he had made the wrong choice in anointing Abdullah as his successor in 2003.

Mahathir's political rival from the '80s, MP Razaleigh Hamzah, also joined in the attacks. "The leadership team must wake from its slumber, face the truth and accept full responsibility for this debacle," he said.

This debacle may, however, have a different outcome. Malaysia marked its 50th birthday as an independent nation last year. The country has already pushed a long way along the road to development, and its people are increasingly sophisticated and connected to the global economy. Maybe the two-third majorities enjoyed by the coalition will never be recovered. Maybe political leaders will be quite happy to win a simple majority of seats at the next elections in 2012. Just like most of the democratic world.

© 2008