Singapore’s success

After the miracle

Authored by: Linda Y.C. Lim

Handbook of Emerging Economies

Print publication date:  March  2014
Online publication date:  March  2014

Print ISBN: 9781857436709
eBook ISBN: 9780203108765
Adobe ISBN:

10.4324/9780203108765-11

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Abstract

Singapore has long been widely recognized as possibly the most successful case of development among emerging economies in the 20th century. This has resulted in a large literature—both academic and popular—on the country’s economic development, quite out of proportion to its small size and unique circumstances. 2 This chapter will not repeat or synthesize this literature, since it is well known. Instead, I shall, first, provide a brief retrospective summary of the country’s economic policy and performance in the 20th century since independence in 1965, considering the extent to which these are replicable (or not) in other countries; and second, discuss the many developmental challenges the now-rich country faces in the 21st century, reflecting on whether they cast doubt on the wisdom and sustainability of some of its past and current policies, and the prospective implications for other developed as well as emerging economies that may seek to emulate Singapore as a ‘model’. 3

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