Investigating the Modern History of Economic Development in Singapore
The process of economic development in East Asian Countries is characterized by a number of factors including country-specific circumstances, development policies, human capital, developmental leadership ,etc. The history of economic development in East Asia is also associated with the colonial past of the particular countries and American policies after II. World which contributed to this process at varying degrees.
This semester I teach an exciting course at Ankara University of Social Sciences: Topics in Economic History . The course allows us to examine selected topics in the economic history with a particular focus on major world economies. Main goal of the lecture is to review and elaborate some cases from economic history to better understand the impact of different policy sets along with the historical developments and cultural settings.
For some weeks, we have been dealing East Asian countries. By focusing on particular countries, namely Japan, South Korea, Taiwan and Singapore, we envision to understand drivers of the economic development in those countries.
Singapore, for instance, poses an interesting case study in this context, as it achieved tremendous economic growth in a short period of time. However, when digging deeper the process of economic development, one may explore some unconventional/uncommon economic policies, a relatively different socio-cultural fabric, and norms that make each country's development experience unique.
This week, we are going to further examine the case of Singapore by addressing following questions. So, the students are supposed to answer following questions in their blogposts and publish them on Medium.
Question 1- What are the key factors that have contributed to Singapore’s rapid economic development after 1963? What are the key milestones or turning points in Singapore’s economic development journey, and how did they contribute to its transformation into a developed economy?
(Please do an extensive research and identify significant events, policies, or initiatives that played a pivotal role in Singapore’s economic development. You are supposed to explore milestones such as the establishment of the Economic Development Board (EDB), the introduction of export-oriented industrialization, the development of strategic industries (e.g., electronics, finance), the formation of free trade agreements, or the implementation of pro-business policies.)
Question 2- How has the government’s role and interventionist policies influenced Singapore’s economic development? (Please explore the extent of government intervention in shaping the economy, including industrial policies, investment strategies, and regulatory framework)
Question 3- How has Singapore positioned itself as a regional or global hub for trade, finance, and investment? (Please examine Singapore’s efforts to attract foreign investment, establish free trade agreements, develop financial services, and create a favorable business environment.
Question 4- What were the key principles of “Asian values” introduced by Lee Kuan Yew, and how did they shape Singapore’s economic development? What are the debates surrounding the concept of “Asian values” and their impact on Singapore’s economic development? ( Please investigate different perspectives and criticisms surrounding the concept of “Asian values”, explore debates on issues such as individual rights, political freedoms, cultural relativism, and their influence on economic growth in Singapore.
Question 5- What were some of the illiberal policies implemented by Lee Kuan Yew in Singapore, and what was their rationale for supporting economic development? What are the potential advantages and disadvantages of the illiberal policies implemented in Singapore’s economic development?
(Please do a research on policies such as strict political control, restrictions on freedom of speech and assembly, and limitations on political opposition. Try to explore the reasoning behind these policies and how they were justified in the context of economic development. Please also consider the potential advantages, such as stability, efficient decision-making, and rapid development, as well as the disadvantages, such as constraints on civil liberties, political participation, and freedom of expression.)
Question 6- What role do education and human capital development play in Singapore’s economic success?
(Please to investigate the emphasis on education, development of human capital ,skills ,training, and talent development in Singapore, and how these factors contribute to its economic development)
Question 7- How did Singapore’s colonial history shaped its economic development, and what were the lasting impacts of colonialism on its economy? What role did foreign investments and multinational corporations (MNCs) play in Singapore’s economic growth, particularly during its early development phase?
(Please explore the effects of British colonial rule in Singapore, including the establishment of a strategic port, infrastructure development, legal and administrative systems, and the introduction of trade networks. Please analyze how these factors influenced Singapore’s economic development and contributed to its later success as an independent nation. Additionallyi you can investigate the role of foreign direct investment (FDI) and the attraction of multinational corporations in Singapore’s economic development)
Question 8- When it comes to the current situation of Singapore economy, it can be said that The Singapore economy is at a crossroads, facing challenges in the global environment as well as within its domestic economy. Please read carefully the following document and summarize it in 10 bullet points for the reader.
Getting Singapore in shape: Economic challenges and how to meet them
Author(s): Manu Bhaskaran
