I refer to the report, “My successors inherited a ‘profitable’ Proton, says Mahathir” in which it was implied that former prime minister Dr Mahathir Mohamad was right in doing what he did.

But I have my reservations on this. Setting up heavy industries and having our own national car project could be a good strategic idea.

However, it is the execution aspects that we must look at.

Mahathir has always had great ideas.

From challenging established orders, setting up Sogoshosha, initiating privatisation and building the twin-towers to creating Cyberjaya and Putrajaya, he did it all.

But as the saying goes, the proof of the pudding is in the eating.

Great ideas need coherent and well thought out execution.

Most Malaysians were supportive of Proton, but it was the unfettered and timeless protection and shielding from competition that annoyed most people.

We accept the “infant industry” argument for Proton to build up the capacity to compete, but it has been more than 30 years with still no sign of Proton being able to stand on its own feet to compete.

It is true Proton made lots of money, but it was out of a “defined market” and at the expense of Malaysians having to buy cars at exorbitant prices.

Great ideas with poor execution will come to nothing.

The South Koreans started the car industry at around the same time as Malaysia. They too started with protection, but look at where South Korea’s automobile industry is today.

They used the protection to build up the capacity to compete. However, in Malaysia, the protection was used to benefit groups with vested interests.

We created a protected auto market that not only helped Proton but also car importers who were given the approved permits (AP) licence to become billionaires.

I can understand how public policies should be used to help the poor. But quite frankly, I cannot understand why public policies should be used to help some people become billionaires.

The same goes with privatisation of highways, supply of potable water and power generation.

It is a good idea to leverage on the efficiency and effectiveness of the private sector, but all “natural monopolies” must have proper regulations post privatisation.

All privatisation agreements must be properly scrutinised to avoid abuse, cronyism and profiteering.

Sometimes I wonder why it is so difficult for us to understand this simple rule of privatisation unless “the powers that be” are also a beneficiaries of any lopsided privatisation agreement.

Mahathir must learn to accept legitimate criticisms.

It is not enough for him to say Proton was making money or the toll in Japan is much higher than Malaysia.

With him out of power now, he must do more to understand the downside and the unintended consequences of his policies and programmes.

People are yearning for better governance but it is not any cost.

Mahathir and PH must be consistent, coherent and logical in their articulations.

As a package deal, Mahathir is not bad but he certainly needs refinement.

TK Chua is an FMT reader.

The views expressed are those of the author and do not necessarily reflect those of FMT.

My successors inherited a ‘profitable’ Proton, says Mahathir