While Prime Minister Dr Mahathir Mohamad has conceded that the New Economic Policy may need to be abolished, he has yet to concede that it was a bad policy in the long run. What is frightening about this is that he — seen as the strongest Malaysian leader since independence — fails to see that only he can remove the NEP in the forseeable future. Yet, he has only paid lip-service to the possibility of its removal.

Mahathir's observation about the ill-effects of NEP is nothing new. From the onset of the NEP, critics have always pointed out that it, like most welfare programmes, has very limited effect on the groups it is intended to help. The fact that it is open to abuse is also something that was made aware of in the beginning.

Experience in other countries, whether its old European welfare system or the US affirmative action programmes had warned of these from the onset. So, Mahathir, the radical who has grown wiser in his old age, has begun to see the wisdom now which is heartening but far from encouraging.

What is scary is that the removal of the NEP may require such incredible political courage that Malaysia may not be able to do so. Its removal is going to be a painful process no matter when it is done. While the executive branch of our government is all-mighty, Umno has been and is a patronage political party which makes it difficult for the political leader who is willing to sacrifice his very legacy and fortune to abolish the NEP.

Hence only Mahathir, at the end of his political career and still mostly a patriot could do such a thing. Professional politicians coming up the ranks of Umno will have far less passion and strength.

The Japanese patronage political system and the economic damage it is costing them now is very telling of what it would be like to remove the NEP. Except that the Japanese can afford the loss incurred over the last 10 years but it is highly unlikely Malaysia could afford to take long periods to make reforms.

Mahathir fails his country and his race for falling short of saying the NEP must be removed. His transformation from youthful radical to wiser statesman has been at best incomplete. From being anti-foreigner, he opened up Malaysia to foreign investment, from anti-Chinese, he began to understand the contribution of the Chinese to this country, from accusing Tunku of not helping the Malay enough, he nows recognises the Malays have become too dependent under a welfare system.

Yet, he fails to see the larger picture of many things. He still thinks free-market and currency speculators are evil instead of seeing them as good (and possibly unavoidable) in the new age. He still think meritocracy advocates are conspirators instead of seeing how in the long run, meritocracy is best system for the country.

He still thinks a little bit of corruption is OK instead of seeing that even a little bit may be a big disincentive for everyone not to perform. In the end, he still thinks a little bit of racism is justified instead of seeing that it can only grow to a lot.

Mahathir has been a strong leader, unfortunately, his wisdom falls short. Malaysians need to realise that the Mahathir's legacy will be that he fell short and that it is up to us and future political leaders to surpass him in wisdom and actions and not to merely follow in his steps.