Re-Inventing the Asian Model: The Case of the Singapore

This monograph written for the Institute of Policy Studies (Singapore) focuses on the structural weaknesses in the Singapore economy, in particular those which the author feels have been under-appreciated. Thus it pays special attention to the effect government intervention has had on the economy and finds that several unintended consequences of policy actions have accumulated over the years. Several of these have become serious constraints on Singapore's ability to adjust effectively to the rising challenges in the global and regional environments. With these aspects in mind, the monograph: analyses the nature of the challenges faced by the Singapore economy; assesses the structural weaknesses are which inhibit effective adjustment to address them, and seek out their root causes; makes recommendations as to specific policy changes that are necessary. The monograph asserts that Singapore will retain a sufficient critical mass of regional manufacturing and service activities to remain a dynamic growth center in the Asia-Pacific region, and that the impact of increasing competition, especially from China and Malaysia, has been exaggerated.