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This monograph seeks the key to good economic policy by explaining Singapore's remarkably rapid development-the world's fastest-growing economy between 1960 and 2000-and asks whether the city-state's success can be translated to other countries. Engineering prosperity is at the heart of Singapore. The book demonstrates how exceptional cohesion amongst economic outcomes, policies, institutions, values, and leadership over a long period account for the impressive results obtained. The author is careful not to present Singapore as a model to be copied uncritically in its specifics but as a case history that illustrates general principles which other countries might wish to apply to their particular circumstances.Well-researched yet highly readable, Singapore's Success: Engineering Economic Growth will appeal to Singaporeans and a wide international audience, including policy-makers and advisors, students of development economics, and anyone interested in the quest for sustained economic growth.
In this book Gavin Peebles and Peter Wilson offer an historical overview of the rapid growth and development of the Singapore economy, detailing the institutions and policies which have made this growth possible. They examine the current state of the economy and its future in terms of prospective growth and structural change.
This book provides a comprehensive overview of the economic development of Singapore, easily the leading commercial and financial centre in Southeast Asia throughout the twentieth century. This development has been based on a strategic location at the crossroads of Asia, a free trade economy, and a dynamic entrepreneurial tradition. Initial twentieth-century economic success was linked to a group of legendary Chinese entrepreneurs, but by mid-century independent Singapore looked to multinational enterprise to deliver economic growth. Nonetheless exports of manufactures accounted for only part of Singaporean expansion, and by the 1980s Singapore was a major international financial centre and leading world exporter of commercial services. Throughout this study Dr Huff assesses the interaction of government policy and market forces, and places the transformation of the Singaporean economy in the context of both development theory and experience elsewhere in East Asia.
Research on Singapore's economic history has been complicated by the absence of economic data on pre-independence Singapore. This book sheds light on two key aspects of Singapore's economic history, namely the relationship between economic instability and growth, as well as the government's fiscal policy towards economic growth.
"Singapore is known internationally for its successful economic development. Key to its economic successes is a variety of policies put into place over the past 50 years since its independence. Singapore's Economic Development: Retrospection and Reflections provides a retrospective analysis of independent Singapore's economic development, from the perspective of different policy domains each considered by different expert scholars in that particular field. The book is written by academic economists in a style that is accessible to non-experts. Each chapter includes reviews of past scholarship, current data on each policy area, and reflections on required or desirable future policy changes and outcomes"--
This volume provides an intensive review of the economic competitiveness of Singapore's economy. It identifies and analyses the strategies which will allow the economy to retain its competitive advantage in the years ahead in an increasingly globalised economic environment, considerably liberalised international trading and investment climate, and with regional economies challenging the country's competitive edge as a regional transportation hub, international financial centre and a primary regional centre for technology and education. Dialogues and interviews with managers and CEOs of industries in the private and public sectors are also included.
Singapore's rapid ascent from Third World to First since its independence in 1965 has won it acclaim as an 'economic miracle'. Economic success has been accompanied by impressive achievements in social development, as reflected in international rankings of human capital and human development.The city state's achievements are founded on a socio-economic system characterised by low tax rates, flexible labour markets, and individual 'self-reliance', with state support centred on social investment in education and public housing.Entering the 21st century, however, slowing economic growth, an ageing population, global competition, and widening income dispersion have put the Singapore System under strain. This has prompted a significant refresh of social and economic policies over the past 15-20 years.This book aims to bring the reader up to date on Singapore's socio-economic development in the first two decades of the 21st century. It looks back to the shifts in policy thinking that have accompanied structural changes to Singapore's society and economy, taking stock of the policy innovations aimed at sustaining income growth, economic security, and social mobility. It looks around to compare Singapore's approach to those of other countries facing similar challenges, situating Singapore's experience in the wider international discourse on public policy. Finally, it looks ahead to how the Singapore System may evolve in the years to come.
'. . . serious, useful and interesting volume. It is readable, original, creative and well researched. In analyzing Singapore's experience the author provides a superb case study. Moreover, in providing it, by venturing beyond the narrow confines of his case study Sung also makes points that are pertinent to the efficacy of development processes generally, including in newer, lower income and/or transitional economies. . . this reviewer recommends the book enthusiastically and without reservation.' - Robert L. Curry, Jr., Journal of Asian Business
Singapore is recognised to be one of the most successful economies in the world given its rapid economic and social transformation. Its success is the result of a judicious blend of markets and government, high-quality governance, and public policies that are coherent, consistent and coordinated.This book showcases the contribution of Economics to Singapore's public policymaking. To illustrate the diverse areas that economic analysis has contributed to, this book comprises three sections that span the economic and non-economic policy domains in Singapore. Section I covers economic policies relating to economic growth, trade, investments, productivity, innovation, industrial development, the enterprise landscape and manpower. Section II highlights socioeconomic and security policies, and covers themes such as income inequality and mobility, families, healthcare costs and crime. In Section III, the focus is on infrastructural policies relating to the environment, housing and land transport.This book commemorates the 20th anniversary of the Singapore Government's Economist Service. As the premier service for economists in the Singapore public sector, the Economist Service plays an integral role in supporting evidence-based policymaking through rigorous economic research and analysis of public policies.
Even after achieving the status of a developed economy, many economies face other challenges which may include economic stagnation and income inequality. The book looks at how a mature economy can continue to weather challenges and how the growth of living standards will depend on productivity growth through Singapore’s experience. After Singapore's rapid economic transformation, the nation is at a crossroads. The book explains how productivity growth in turn depends on technological diffusion from abroad as well as indigenous innovation. It also examines how the design of policy to develop indigenous innovation to promote economic dynamism may come with creative destruction and disruptive effects on jobs and wages. The Singapore Economy provides insight into how we can maintain social cohesion and establish a political equilibrium that embraces the new sources of growth through policy formulation for economic inclusion.