By Henri Ghesquiere
This monograph seeks the foremost to reliable monetary coverage through explaining Singapore's remarkably fast improvement - the world's fastest-growing economic climate among 1960 and 2000 - and asks even if the city-state's good fortune may be translated to different nations. Engineering prosperity is on the middle of Singapore. The ebook demonstrates how unprecedented harmony among fiscal results, rules, associations, values and management over an extended interval money owed for the remarkable effects bought. the writer is cautious to not current Singapore as a version to be copied uncritically in its specifics yet as a case heritage that illustrates basic ideas which different international locations may possibly desire to observe to their specific situations.
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Additional resources for Singapore's success: engineering economic growth
Communism threatened. Edged on by China, the Malayan Communist Party (MCP) was fiercely determined to “liberate” Malaysia and Singapore. Racial riots inspired fear. Prospects looked grim for Singapore after its separation from Malaysia, which drew then foreign minister S. 10 POSITIVE INITIAL CONDITIONS From a longer-term perspective, Singapore’s strategic location and natural deep water port accorded it a crucial development advantage by 1965. Situated between the Indian and Pacific Oceans and on the world’s leading East-West trade route, Singapore started out as a processing center of imported rubber, tin, and palm oil from neighboring countries for subsequent reexport.
What role did the government play in encouraging the initially slow but subsequently much larger growth in productivity? This chapter looks at how Singapore’s public policies over the past four decades have stimulated factor accumulation and productivity growth in the country. Fiscal, monetary, and exchange rate policies have ensured macroeconomic stability. Low inflation and a stable value of the Singapore dollar instill confidence among foreign investors and domestic savers while promoting efficient allocation by keeping relative prices transparent.
29 Cultural aspects have sometimes been mentioned as a fourth factor. Closely held family businesses in Singapore reportedly have a preference for relying on retained earnings for investment instead of bank borrowing. Another such interpretation refers to deeply held values from earlier generations. Landes (1999), p. ” The Sources of Economic Growth in Singapore 33 SUMMARY • • • • • • Singapore experienced consistently high growth, interrupted only briefly by relatively few recessions from which the economy rebounded quickly, thanks to skillful crisis management (see Chapter 3 for details).