The Singapore Model of Industrial Policy: Past Evolution and Current Thinking
Chia, Siow Yue
This presentation summarizes Singapore's economic performance, and examines the evolving industrial strategy, major policies and performances. Singapore has achieved substantial economic and social progress since political independence in 1965, with one of the highest per capita incomes in Asia. The economic success of Singapore has been used by neoclassical economists to support the role of the market, with minimal price distortions, openness to international trade, investment and technology flows, macroeconomic stability from fiscal and monetary prudence, and high savings and investment. This presentation was presented at the Latin America/Caribbean and Asia/Pacific Economics and Business Association (LAEBA)'s 2nd Annual Meeting held in Buenos Aires, Argentina on November 28th-29th, 2005.