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Economic Openness

In: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy

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  • Hian Teck Hoon

Abstract

What caused Singapore’s catch up to the world technology frontier after its independence? Arguably, the policy to welcome multinational corporations to set up factories in Singapore to produce for the world market is one key factor behind its catch up. What the economic openness enabled Singapore to do was to facilitate technology transfer or the international flow of ideas. As an economy that has caught up to the world technology frontier, Singapore is now in a phase where it has to begin to generate indigenous innovation. The notion that ideas for creating new and better products and processes comes from people means that Singapore would need to be a place that would attract innovative individuals to develop startups here. If it is the case that ideas diffuse across society from interactions among individuals, then the exposure to innovative people helps Singapore become an economy that routinely creates a flow of new ideas…

Suggested Citation

  • Hian Teck Hoon, 2018. "Economic Openness," World Scientific Book Chapters, in: Economic Dynamism, Openness, and Inclusion How Singapore Can Make the Transition from an Era of Catch-up Growth to Life in a Mature Economy, chapter 7, pages 101-109, World Scientific Publishing Co. Pte. Ltd..
    • Handle: RePEc:wsi:wschap:9789813236233_0007
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    More about this item

    Keywords

    Singapore Economy; Catch-up Growth; Mature Economy; Standard of Living; Jobs; Business; Economic Model;
    All these keywords.

    JEL classification:

    • F63 - International Economics - - Economic Impacts of Globalization - - - Economic Development

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