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Singapore’s economic development: pro- or anti-Washington Consensus?

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  • Nathan Peng
  • Sock-Yong Phang

Abstract

Singapore’s remarkable economic development in the past five decades since independence has attracted much policy attention. This article first provides a brief overview of Singapore’s economic development. The second part discusses Singapore’s development strategies that are aligned with the Washington Consensus: globalisation, conservative fiscal and monetary policies, investments in education and infrastructure. It also discusses the policies adopted to further enhance the outcomes of such policies. The third part focusses on policies that are inconsistent with the prescriptions of the Washington Consensus: the visible hand of government direction of industry, the important role of state-owned enterprises, as well as growth-enhancing social policies. It concludes with the present challenges facing the city-state.

Suggested Citation

  • Nathan Peng & Sock-Yong Phang, 2018. "Singapore’s economic development: pro- or anti-Washington Consensus?," Economic and Political Studies, Taylor & Francis Journals, vol. 6(1), pages 30-52, January.
    • Handle: RePEc:taf:repsxx:v:6:y:2018:i:1:p:30-52
    DOI: 10.1080/20954816.2018.1426364
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    Cited by:

    1. Vic Benuyenah, 2024. "Economies as 'Makers' or 'Users': Rectifying the Polysemic Quandary with a Dualist Taxonomy," Journal of the Knowledge Economy, Springer;Portland International Center for Management of Engineering and Technology (PICMET), vol. 15(1), pages 3100-3121, March.
    2. O.A. Sinenko, 2021. "Comparative Analysis of Factors of Functioning of Special Administrative Areas in the Asian-Pacific Region," Journal of Applied Economic Research, Graduate School of Economics and Management, Ural Federal University, vol. 20(3), pages 524-559.

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