Indigenous capitalists: The development of indigenous investment companies in relation to class, ethnicity, and the state in Malaysia and Fiji

A comparison of the establishment of investment companies that own shares on behalf of indigenous populations in Malaysia and Fiji reveals an emphasis on individualized ownership in Malaysia and collective ownership in Fiji. Critical state support of indigenous investment companies in both countries fostered the emergence of a new class of indigenous capitalists whose position in society is in tension with structures of class and ethnicity; however, this position enables the group to serve as important brokers between social groups. The difference in the nature of ownership is explained by the institutionalization of the investment companies within the state in Malaysia and independent of the national state in Fiji. This different institutionalization results from variation in the structure of the states and elite relations within the two countries.