Special Issue: A Fifty-Year Retrospective on the Singapore Economy; Guest Editor: Linda Y. C Lim, University of MichiganNo Access

GLOBALIZATION AND REGIONALIZATION: SINGAPORE'S TRADE AND FDI

SIOW YUE CHIA

SIOW YUE CHIA

Singapore Institute of International Affairs, 60A Orchard Road, #04-03 Tower 1, The Atrium@Orchard International Involvement Hub Singapore 236690, Singapore

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https://doi.org/10.1142/S0217590815500344Cited by:8 (Source: Crossref)

Abstract

The Singapore economy has undergone rapid growth and structural transformation from a Third World laggard to a First World sophisticated and dynamic economy. It has overcome constraints of land and natural resources by adopting free trade and investment strategies and building on its global and regional maritime and air links. However, despite its very high per capita income, Singapore's technological, innovative and entrepreneurial capabilities are not on par with the most advanced economies. High dependence on foreign multinational corporations (MNCs) and government-linked-companies (GLCs) has contributed to the underdevelopment of local private enterprise and innovation. High dependence on "foreign talent" has also contributed to the underdevelopment of local talent. For future sustainable development, Singapore has to succeed as an innovative economy, and the state will have an important role as facilitator of local innovation and enterprise.

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