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Globalization And Regionalization: Singapore'S Trade And Fdi

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  • SIOW YUE CHIA

    (Singapore Institute of International Affairs, 60A Orchard Road, #04-03 Tower 1, The Atrium@Orchard International Involvement Hub Singapore 236690, Singapore)

Abstract

The Singapore economy has undergone rapid growth and structural transformation from a Third World laggard to a First World sophisticated and dynamic economy. It has overcome constraints of land and natural resources by adopting free trade and investment strategies and building on its global and regional maritime and air links. However, despite its very high per capita income, Singapore's technological, innovative and entrepreneurial capabilities are not on par with the most advanced economies. High dependence on foreign multinational corporations (MNCs) and government-linked-companies (GLCs) has contributed to the underdevelopment of local private enterprise and innovation. High dependence on "foreign talent" has also contributed to the underdevelopment of local talent. For future sustainable development, Singapore has to succeed as an innovative economy, and the state will have an important role as facilitator of local innovation and enterprise.

Suggested Citation

  • Siow Yue Chia, 2015. "Globalization And Regionalization: Singapore'S Trade And Fdi," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 60(03), pages 1-23.
    • Handle: RePEc:wsi:serxxx:v:60:y:2015:i:03:n:s0217590815500344
    DOI: 10.1142/S0217590815500344
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    References listed on IDEAS

    as
    1. Bhagwati, Jagdish, 2008. "Termites in the Trading System: How Preferential Agreements Undermine Free Trade," OUP Catalogue, Oxford University Press, number 9780195331653.
    2. Richard E. Baldwin, 2008. "Managing The Noodle Bowl: The Fragility Of East Asian Regionalism," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 53(03), pages 449-478.
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