singapore case study555 (correction)

7/31/2019 Singapore Case Study555 (Correction)

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Notre Dame UniversityFaculty of Business Administration and Economics

NLC

Graduate Division

Singapore Economic Development

Economic Development

ECN 610

Fall 2011

Presented by: Charbel Antoun and Paul Farah

ID number: 20077078

Submitted to: Dr. Charbel Bassil

Due Date: January 15, 2012


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Table of Contents

1- Introduction .............................................................................................................................................. 3

2-The beginning of the new era .................................................................................................................... 4

3-The dragon is awake .................................................................................................................................. 6

4-Every dilemma has a solution .................................................................................................................... 8

5-Saving and investment: the core of Singaporean economy growth ....................................................... 10

6-Efficient investments: technology and human capital ............................................................................ 12

7-The East Asian miracles ........................................................................................................................... 15

8-Toward a developed nation ..................................................................................................................... 17

9-Fundamentals of economic growth ......................................................................................................... 19

10-Conclusion ............................................................................................................................................. 21

11-Reference ............................................................................................................................................... 22

12-Appendix ................................................................................................................................................ 23


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1- Introduction

The Singaporean experience of economic development has been one of the most astonishing

models in economic history; it is very hard to ignore the superior performance of Singaporerelatively to other countries with the same economic structure. A pre-colonized country with an

area of 685 sq. km that lacks critical natural resources, does not possess an adequate

infrastructure and deficient s in educated population; has realized an average of 8% annual

growth rate during the thirty year period of 1960 to 1990, exceeding USA by more than three

times (2%) and OECD by more than two times (3.1%) and ranked the top Asian country with the

highest standard of living (Yang et al., 2004).

So, How Singapore realized this level of economical development? What were the major factorsof growth in the Singaporean economy? And where the economy of Singapore is heading in the

future?

This paper aims to present a brief history and background of Singaporean economy from 1960

till 1992, by introducing an explanation of the economic plans followed by the country: the

challenges faced and how were overcame, the important role of the Singaporean government in

economic development, the human resources and the saving strategies, the comparison of the

Singaporean experience and the Korean and Japanese ones and finally will suggest some optionsfor the Singaporean economy in order to sustain its growth.


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2-The beginning of the new era

After a long period of British control, Singapore, that achieved independence in 1965 by

separation from Malaysia, faced slow economic growth, high unemployment and birth rates, lack

in education and problems in housing and health. Its entrept economy was unable to overcome

those obstacles and to generate positive economical results, a drastic change was necessary; the

new era of economic growth was just about to begin.

Strategy:

In 1968, after its failure to achieve growth, the import substitution strategy was quickly thrown

away by the government to an export promotion one. The new strategy was also triggered by the

British decision in 1967 to withdraw all its forces by 1971, the British expenditures was around

15% of GDP and it employ more than 20,000 employees (Yue, 2005). The new strategy aimed

for an industrialization of the economy by attracting foreign direct investments through labor

intensive manufacturing. First, in order to achieve such strategy the government made a wide

interference in the economy keeping labor cost low and removing foreign exchange controls

(tax and tariffs), promoting free trade, fixing US$/S$ exchange rate ( at s$3.06/us$) and

introducing various financial services and incentives (banking, insurance, private ownership, tax

incentives). Plus, the government pursued family program planning and invested in constructionof houses, infrastructures and manufacturing sector (electrical machinery, petroleum); in

addition, the government increased the savings rates in order to boost investment. In the human

resource sector the government promoted training and educational programs with a big

emphasize on technical education and continuous improvement.

Moreover, in order to adequately perform those actions, the government created two independent

institutions: the housing development board (HDB) and the economic development board (EDB)

that was responsible to implement the major parts of the government strategy for economicalgrowth. The HDB objective is to build new house or flats to halt unemployment rate and provide

homes for residents. The EDB role was to implement the economical policies of the government

through research and development, statistical studies and initiation of development programs.


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In addition to its critical geographical location, the cheap labor and the well-developed

infrastructure of Singapore attracted foreign direct investment into the country, playing the role

of a catalyst of the new eras economical growth. Multinationals companies were seeking

expansion around the world by looking for some cheap and convenient countries to place their

manufacturing; the Singaporean government made sure that the country possesses such attractive

traits.

The first positive results of the strategy began to appear in 1970, the unemployment rate fell

from 12% in1965 to around 6% in 1970, the GDP per capita, exports and the balance of

payments were increased by high rate, the table below summarizes the 1970 results.

Table 1: shows the indicator of the strategy in 1965 and 1970.

INDICATOR 1965 1970 % change

GDP (millions US $) 3,400 5,403 59%

GDP per capita (M US $) 1,799 2,610 45%

Gross investment 1.4 3.9 178%

Manufacturing share of GDP 15.1% 24.8% 9.7%

Construction share of GDP 5.9% 9.5% 3.6%

Financial share of GDP 13.7% 16.9% 3.2%

Gross national savings (M S$) .5 1.1 120%Unemployment rate 12% 6% -6%

Total exports ( M US$) 981 1,554 58%

Balance of payments overall balance -5 184 +$189 Million

Source: IMF; IFS yearbook, 1992; UN, NAS 1989; SMTI; economic survey on Singapore, 1991;

Singapore in brief, 1991.

Besides, those results of the new strategy were the head stone for the economic growth

Singapore experienced during the later decades. The 1970 performance of the Singaporeaneconomy was very amazing, and all that was done through the ultimate human skill of planning

and organizing. The strategy of exports promotion and FDI attraction efficiently exerted its

magic on the Singaporeans economy, but is it a sustainable strategy for continuous economic

growth? We will see later as the paper progress.


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3-The dragon is awake

During the 1970s, Singaporean government continued with its basic strategy of attracting FDI

and modernizing its industries, it extended its previous effort through more tax incentives andfinancial benefits for firms, it created more entities like the Bank of Singapore (DBS) and the

Singapore Airlines (SIA) that played a major role in establishing financial services and

infrastructure improvements. The Central Provident Fund (CPF) was created as a social security

scheme in order to assist the public investment in the economy; it originates more legislation to

solve problems between employee and employer.

The end results of the 70s were astounding; the unemployment rate fell to 3.5%. The

manufacturing sector grew to a of the GDP, with sometimes a 2 digits annual (IMF).

Additionally, In the late 70s and the beginning of the 80s, as the tight labor market was losing

competitiveness, a major restructuring happened, Singaporean government started to focus more

on the technical aspects of the economy, the economic committee was able to see that

technological improvement was the key for a continuous success of the economy. Moreover, the

traditional development of infrastructure, industrialization and attraction of FDI, the government

started to invest in the info-structure of the economy and developed its human resources, it

created the national computer board (NCB) to increase the knowledge of the workers and createmore IT workforce. Sources of new employment increase and diversified: commerce and

financial services; professional, technical, administrative and managerial positions. The economy

in the 1980s relied on five major sectors: the local entrept trade; export-oriented manufacturing;

petroleum refinement and shipment; making of goods and services for the domestic market; and

the provision of specialized services for the global market, such as banking and finance,

telecommunications, and tourism.

The results of the 80s and early 90s were consistent with its previous decade although the

economy faced some constraints (recession in 1984 and a tight labor market), the economy was

still growing at a higher rate than most other countries and the unemployment kept steady at a

lower rate. Singapore had become Asias third important financial center, the workers

productivity increased through continuous improvement.


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Figure 1: shows the growth of per capita GDP of Singapore from 1960 till 1992.

Source: department of statistics Singapore

To sum up, the outstanding performance of the Singaporean economy can be explained by three

broad reasons: (1) the government planned function, (2) recruitment of its human capital and (3)

continuous improvement of the infrastructures. All together contributed to the astonishing

economic performance Singapore experienced the three decades; the 60s and the 70s were

characterized by the continuous development of its infrastructures and physical capital, from the

80s the government added the development of the info-structure and human capital. I think that

the significant disparity between Singapore and the most of the developing countries is the nature

of the elites that have been commending and administrating the successful state.

0

5,000

10,000

15,000

20,000

25,000

30,000

1960 1962 1964 1966 1968 1970 1972 1974 1976 1978 1980 1982 1984 1986 1988 1990 1992

singaporean DOLLARS

US DOLLAR


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4-Every dilemma has a solution

The Singaporean economy faced many challenges since the independence; the government

recognized the problems and planned ways out of them.

1960s

Singapore, that achieved independence in the 60s, faced many challenges: the high

unemployment rate (14%), low level of capitals, slow growth rate and the separation from

Malaysia. The government realized those problem and went on to solve them, it consults

economic expert through the UN for advise and promotion for its economy, it changes its

strategy from a import substitution to an export promotion one, the authority created the EDB

that made the right environment for investments sending its experts to promote the countrys

convenience for low-cost production, the HDB, an another entity created by the government,

started big projects through the nations none urbanized area, it em ployed more people in the

constructions and helped to decrease the unemployment rate.

1970s

The main challenges of the 70s were the withdrawal of the British troops and the separation of

Singapore from Malaysia that shattered the plans of Singapore to form a common market in the

region. Plus, the growth was far from success and the unemployment rate was still around 10%.

The EDB, the countrys core planer, introduced more tax incentives and benefits through the

creation of the DBS and the SIA. It continued its strategy of FDI attractions through

improvement of labor situation, more physical and non-physical infrastructure, developing and

promoting public investment through creation of the central provident fund (CPF).

1980s and 1990s

The 80s was the decade where Singapore faced a very tight labor market due to fast pace of

industrialization and high capital inflows, plus, a recession hited the economy in 1984; On the


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other hand, other countries become more attractive for investment due to a competitive low-cost

labor relatively to the Singaporean labor market.

In addition, the plan was to shift from manufacturing to services through the development of the

countries core asset: the human capital. The national computer board (NCB) was formed, itsobjective is to develop workers knowledge and skills in the IT-industries, and the plan is to

create a Singaporean culture of IT save workforce. The EDB continued its development of both,

infra and info structures and introduced more financial incentives.

The outcomes of all the solutions were positives, the government succeeded in the business of

problem solving and the economy continued to prosper.


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5-Saving and investment: the core of Singaporean economy growth

The growth of an economy depends on investment; it adds to the capital stock of the economy

and improves its productivity ability. Traditional investment vehicles refer to: plants, machinery,buildings and inventories, actually, investments include all economic activity that involves use of

resources to generate goods and services. In this sense, education, technical and managerial

training are also investments that contribute to productivity growth.

What is extraordina ry about Singapores saving performance is not the high saving rates in the

late 1980s and 1990s, but rather the speed of revolution of the countrys saving behavior in the

20 th century, when Singapore overcame its initial low saving performance very fast. The key to

understanding Singapores saving behavior must lie in the turnaround achieved during the firstdecade of the countrys independence.

Saving in Singapore was a combination of voluntary and forced actions, the government role is

indeed substantial in this matter, and it aimed to increase the level of savings to high rates in

order to encourage capital formation and financial investments. Saving followed an up-trend

since the 60s, from 18% of the GDP to 43% in 1991 (highest rate of saving in the world), this

certainly was at the cost of decreasing aggregate consumption in the economy (economic survey

on Singapore, 1991). The Central Provident Fund (CPF) was an entity created by the government

to force saving by employees, it was a result of the EDB economical outlooks about the future

economical situation in the country.

Since the 60s, Singaporean government is seeking investment attraction policies through

incentives offering and allowances of capital to inflows into the country with minimum cost, a

very low tariff and no capital gain tax were imposed on trades. Investments helped to finance the

big projects that assist the country in its growth path, plus it had a positive effect on the balance

of payments to offset the trade account deficit.


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Figure 2: shows saving and investment behavior since 1970.

Source: department of statistics Singapore

The economic theories suggest that savings must be approximately equal to investments, so the

more the economy saves the more its investments increase and the result will be a higher growth

rates. On the other hand, high saving rates may decrease consumption and cause the economy to

slow down, this was viewed in the 1984 Singaporean recession, and the economic committee

realized this problem and planned to balance savings rates with the state of the economy.

0

5

10

15

20

25

30

35

1970 1975 1980 1985 1986 1987 1988 1989 1990 1991

gross savings

gross capital formation


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6-Efficient investments: technology and human capital

Resources surpluses from savings and foreign capital inflows were used wisely by the

Singaporean government in the investment process. Investment rest on three broad categories:continuous improvement of the infrastructures, industrialization and manufacturing, human

capital and research and development. Those sectors are the core of the economical growth of

Singapore.

Since 1980, the government emphasizes the role of productivity growth via industrial upgrading

and development of technical expertise. Investments toward research and development, technical

training, and financial services increased dramatically in the 80s, the aim of the government is to

sustain economical growth through innovation and continuous improvement of production.

In this regard, mechanization, automation and computerization of industry were promoted, tax

incentives were granted, and manpower training and skills development were stepped up. A

Skills Development Fund (SDF), which was recommended by the National Wages Council, was

set up. The levy on firms workers was increased from 2% in 1979 to 4% in 1980 (IMF), the

money was used to upgrade the skills of workers, plus, under the training grant scheme, the SDF

grant up to 80% of the cost of training programs of corporations that are related to economic

development.

The Singapore polytechnic and the Ngee Ann technical college made changes to their courses

and expanded their workshops and laboratories. The EDB created three institutes (the German-

Singapore, the French-Singapore, and the Japan-Singapore) responsible for the training of high

level of qualification for skill occupations; those institutes were involved with several MNCs in

order to import knowledge and technical expertise to Singapore. In addition, the government

invested in a new education program that empower teaching based on the abilities of students,

as a results attritions rates dropped significantly from 36% in 1977 to 6% in 1986 (IFS yearbook,

1992). The results are shown in the table 2 and 3.


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Table 2: Educational profile of labor force

Level 1970 1980 1990 1995 Below Secondary 83.6 72.6 53.6 38.9 Secondary 16.2 28.4 30.5

Diploma 7.6 12.0 18.9

University 2.4 3.5 6.0 11.6 Sources: Census of Population (1970; 1980 and 1990, Singapore and Ministry of Labor (1996), Singapore

Two annual programs were created to develop literacy and numeracy of populations: the basic

education for skills training (BEST) and the worker improvement through secondary education

(WISE), in addition to many other programs launched by the government for the purpose of

providing new skills or upgrade existing skills for workers.

Table 3: Enrolment in polytechnics and universities

LEVEL 1985 1990 1991 1992 1993 1994 1995

Polytechnics 21,610 29,550 32,312 35,517 40,358 43,227 46,841

University 18,303 26,122 27,913 29,842 32,468 33,243 34,591

Sources: Ministry of Education, Singapore Education Statistics Digest 1995, and Department of Statistics,Singapore Yearbook of Statistics 1995

A big emphasize was on developing the countrys R&D capabilities in order to support economic

growth. The plan is to develop competency in information technology, biotechnology, robotics

and artificial intelligence, microelectronics, laser technology and optics and communications

technology, and development of post-graduate schooling to prepare more research scientists and

engineers. Solid improvement in R & D was made during the period 1978-1990. Nationwide

R & D spending rose from 0.2% of GDP in 1978 to 1.0% of GDP in 1990. Employees of the

R & D departments rose to 7,004 in 1990 from 1,672 in 1978, The share of research scientists

and engineers was 61% in 1990 measured up to 49% in 1984. Research scientists and engineers

rose from 8 per 10,000 workers in 1978 to 78 per 10,000 workers in 1990(ILO, 1997).


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All those investments led to the increase in productivity; labor became more skilled and

knowledgeable, new efficient machines and equipments were introduced; technological advances

were initiated into the economical activities. The result was sustained economical development.

The annual growth rate of industry outputs as fraction of GDP was 11.2% during the period

1965-1975 (mainly due to the boom in constructions and manufacturing discussed in the

beginning of the new era section), 7.4% during the period 1975-1985, and 7.8% during the

period 1985-1991.(source IMF IFS.) . The latter two periods show a stable growth in industry

outputs after the initial boom Singapore experienced, this continuation in industrial output

growth was mainly due to investments in innovations and human capital, this is a professional

way an economy can sustain its growth after reaching a mature level.


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7-The East Asian miracles

East Asian countries had experienced a very high development in the 20 th century; the most

noticeable ones are Japan, South Korea and Singapore. Although their economic growth modelswere very similar, they differ in some specific factors that are particular to each countrys

experience.

Furthermore, reviewing the literature on the economic development history of the three countries

one will be very hard to differentiate between the three economies, it is like reading three times

an economic development experience for one country.

Moreover, the main similarity in the East Asian countries is the government central role in

managing the economy. East Asian countries had been blessed with elite leaders that putted a

major effort in order to grow their economy and furnish their countries; government controlled

the banking system to finance growth led investment, either through heavy regulation or

publication, the leaders of east Asian countries knew that finance is the most important mean for

economic growth, fund must be transferred from savers or lenders to borrowers, borrowers will

invest the capital in productive projects advised and monitored by the government agencies; so in

order that the mechanism work properly the country must develop a sophisticated financial

system to contain such operations (Mahbubsni, 2000).

All East Asian countries started their economic development journey through government

spending on construction and infrastructure; it was the catalyst that boosted their economy

toward development. The economy of the east Asian counties relies on liberalization of foreign

trade by opening the market on foreign capital, attracting foreign direct investment was the

ultimate mission of those economies, having shortage of funds due to low savings by home

citizens investment led growth was not able to be achieved, government made the necessary

regulation to attract foreign investment in order to create competitive advantage. All East Asian

countries became export led countries; they export metals, industrial products, commodities,

technology, telecommunication, and electric and electronic products.


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The East Asian dragons shifted their economic models when they were close to mature, they

became focusing on human capital and continuous technological improvements, and this shift

was due to the tight labor market they experienced during the 70s and 80s.

In addition, the major notified issue in their economy is the indicative type rather than acommend type role the government contributed to the economy. Governments putted strategies

for the foreseeable future (5 to 10 years), and coordinate the effort with the private sectors from

firms and citizens in order to implement gradually the plan. It was a collaborative work that

involved private and public sectors in a comprehensive manner.

The main difference between Japan, south Korea from one part and Singapore from the other, is

that the first two countries experienced a devastated wars that destroyed almost all their

infrastructure; the world war II that putted Japan to its knees and the Korean American war thatdemolish ed the countrys foundation.( Krongkaew, 2000)


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8-Toward a developed nation

After the 1984 recession Singaporean government knew that an evolution in its economic

fundamentals must be made; the recession was mainly due to structural deficiencies in theeconomy, the tight labor market Singapore experienced was because of the dire wage policies the

government implemented; growth in wages had outpaced growth in labor productivity, what led

the Singaporean market to lose critical competitiveness with other East Asian countries. In

addition, the government heavy intervention in the CPF levy rate caused increase savings and

decreased consumption what led to slow growth.

The government recognized that Singapore must initiate new directions for the future, the plan

was to transform Singapore from a production base economy to an international business centre,and the economy had to become service exporter. The means were more investment in human

resource and research and development departments.

In 1991, the strategic economic plan (SEP) drew a framework for the new strategies that the

Singaporean economy will be pursuing in order to achieve sustainable growth. Ideas like: the

business corporation must have access to a variety of suppliers, qualified workforce, research

and development departments, and efficient infrastructure; were the main focus of the SEP

strategy that the economy had to extend. The aim of the strategy is developing Singapore as ahigh technology economy and value added production and services.

The government (through the EDB) objective was to create an environment to innovation, to

boost human capital skills and knowledge, to encourage to national group work. The EDB

lunched the manufacturing 2000 program (M2000) to sustain Singapore role as a manufacturing

base economy ( manufacturing share of GDP was 25% and employ 20% of workforce), the

M2000 purpose was to modernize manufacturing and services as integrated and complementary

activities by constructing superior competency in science and technology, operations

management, and logistics ( Yue, 2000).

Then, developing industrial clusters was manifested by the one billion Singaporean dollars fund

dedicated to develop strategically projects in manufacturing and services by participating in joint

ventures companies and co-investment plans. Government was sharing investments in new


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capabilities in order to fill holes in industry clusters, developing local firms, and tactical

investments in Domestic Corporation and MNCs with plans to expend to the region.

The ultimate plan is to transform Singapore into the business hub of the Asia-pacific, the lost

competitive advantage due to the 1984-86 recession is planned to be restored through regionaltrading, financial, transportation and telecommunication heart backed by its strategic location,

modernized infrastructures and developed human skills.

The strategic shift Singapore is seeking is necessary in this point in time of its economy. The

Singaporean economy had been performing very well since the 60s, economic growth had been

extraordinary high and fast, such a growth is not infinite; Singapore cannot achieve prolonged

development just by saving and investing in its infrastructures and manufacturing sectors in a

traditional manner, sustainable growth is a result of continuous technological improvements thatwill increase productivity per capita. Such a sustainable growth will take place by spending a

huge amount of resources on R&D and human capital.


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9-Fundamentals of economic growth

According to the Solow-Swan growth model, this is of the family of neoclassical economy; an

economy can grow in three ways. There is two ways to boost economic growth in the short run:increasing capital relatively to the workforce generates economic growth, the per capita capital

stock can be increased in the short run through increasing saving rates or decreasing population

growth as indicated in the below formula. But eventually the economy will face a steady state in

the long run where growth will be flat; this is caused by the law of diminishing return. in order to

overcome this steady state continuous technological advances will always shift up the steady

state creating sustainable growth in the long run.

( ) ( ) (1)

Where n is the population growth rate, is the depreciation rate of capital, k is the per capita

capital stock, s is the saving rate, and y is the income per capita

Figure 3: Solow model.


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The green line represents the left side of the equation the blue line represents the left side also

but after a technological advance had occurs; the black line represents the right side of the

equation which is a linear function.

We can notice that the more the blue or green line is above the black line before intersection, themore there is high growth rates in the short run, and this can be achieved by increasing savings

rate or decreasing population growth rate, that will ultimately lead to increase per capita capital

stock in the short run, the above equation can be written as;

[( ) ]

( )(2)

If s increases => k (t+1) will increase

If n decreases => k (t+1) will increase

This will lead to more economic growth but it will take place only in the short run because of

diminishing return.

In the figure above, the shift from the blue to the green line increased the per capita capital at the

steady state; this can be done through technological advances that will increase productivity

relatively to capital and labors. Permanent technological advances will continuously shift the per

capita capital level at the steady state to new levels, so that growth will be sustained.

Singapore has began its economic development journey in 1965 by increasing the rates of

savings and decreasing the population growth rate, those two measures helped Singapore through

the 60s and early 70s to achieve high growth rates. The late 70s and early 80s, Singapore reached

the steady state, the economy was facing major constraint to grow, and the solution was

investing in technology (R&D and human capital). This led the steady state to shift continuously

up and Singapore succeeded in achieving sustainable economic growth.


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10-Conclusion

The marvels of the Singapore economic success since the 1960s have its roots in the tough work

of the government and the people of Singapore. They have realized that Singapore depends

above all on its human resources and then on the resources from foreign investments. As such,

both the government and the public have worked jointly throughout the years to make sure that

Singapores economy remains competitive. With fairly unwavering governments from 1960

onward, Singapore has been able to attract foreign investors, from which it gains the critical

financial assets for its economic growth.

Moreover, other developing countries like Lebanon can certainly gain knowledge of the

experiences of Singapore, although there is certainly some underlying distinctiveness of a nationfor it to succeed in implementing alike strategies as the Singapore economic strategies. Many

skeptics have often cited that the small size of Singapore makes it easy for the government to

implement state-planned economic strategies, something that is often tough to do in other bigger

developing nations. And, as has been explained, the Singapore success tale might well be the

consequence of good foundations of physical infrastructure that the British had built on the

island.

Singapore has done well over the last thirty years, turning its people into assets as the launching

pad of its economic development. The next couple of years present Singapore with a totally

different set of new challenges, and yet, the Singapore government is still optimistic about the

use of their human capital in their country as the strategy into the future.


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11-Reference

Cahyadi G.,Kursten B., Weiss M., Y ang G.( June 2004). Singapores economic

transformation, Singapore metropolitan economic strategy report, global urban developmentpublications. Paper no. 42.

Jeon H., Kim H. and K im O., the political economy of south Korea: economy growth.

Democratization and financial crisis, Contemporary Asian Studies, working paper no. 11.

Hopf G. (2009). Saving and investment: the economic dev elopment of Singapore 1965- 1999,the London school of economics and political science, originally published in Saarbrcken,Germany: VDM Verlag Dr. Mller, 2009, pp. 241-318.

ILO (May 1997), human resource development for continued economic growth the Singapore

experience. International labor organization, ACT/EMP publications, working paper no.45.

Krongkaew M., the political economy of growth in developing East Asia: a thematic paper. Third revision, prepared for at the Third Global Development Network (GDN) Conferenceorganized by the World Bank in Prague, the Czech Republic, June 9-10, 2000.

Nakahigashi M., yoshino N. (November 22, 2000). The Role of Infrastructure in Economic

Development (Preliminary Version) . Center of excellence, Keio University, Japan.

http://www2c.biglobe.ne.jp/m_naka/offcial/research.

Furukawa A., Post-war development of the Japanese economy , a presentation for students inthe EDP&M program. Shigeru T. Otsubo, GSID, Nagoya University, April 2007

Yue C.S. (2000). Singapore: Towards knowledge based economy. Singapore Institute of

International Affairs publications, working paper.

Yue C. (November 28 2005). Singapore model of industrial policy - past and present. Singapore

Institute of International Affairs publications, working paper.


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12-AppendixThe appendix of the case study: Singapore, April 5 1995, # 9-793-096, Harvard Business School

was used to support this paper


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singapore case study555 (correction)

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