Book Series: Advanced Research on Asian Economy and Economies of Other Continents

The escape from the Malthusian trap dating from the Industrial Revolution in the eighteenth century began in Europe and its North American offshoots and spread to different parts of the world. Technological diffusion from these frontier economies enabled Japan, then the East Asian economies of Hong Kong, Singapore, South Korea and Taiwan and, somewhat later, China and India to experience catch-up growth. Yet, there are signs that the pace of innovation that propelled the engine of growth in the frontier economies has slowed down. The growth slowdown has been accompanied by widening income disparities and weaker labour market performance. What are the economic and non-economic forces that are likely to shape the evolution of the global economy in the twenty-first century? What type of institutions and policy measures would reinvigorate economic dynamism and bring about economic inclusion? With the end of catch-up growth, what are the challenges and opportunities facing Singapore and the other East Asian economies.