The Impact Of Globalization In Singapore

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Globalisation creates opportunities and challenges for small national states. Singapore, the island off the shore of the Straits of Malaysia, has quickly developed from a small country with limited resources to becoming a global hub in the early 2000. To support such rapid progress, large numbers of foreign labour were brought in to keep the economy competitive. While its economy has developed and the standard of living has been raised, most citizens faced rising unemployment and increasing gaps in income inequality. The state responded with equal emphasis on policies for growth restructuring and income redistribution. This paper analyses the strategies implemented in the 1990s, which helped fully reap the rewards of globalisation, and the…show more content…
It has risen from being a small regional trading hub to become the international business destination it is today. It has eradicated many issues relating to human development and has erected many key institutions that were required for sustainable growth. This paper analyses the first decade after the twenty first century, which was marked by globalisation between many large economies around the world. This paper also charts how Singapore rose to economic and social development by being a trading intermediary — by facilitating trade between other countries. The paper also brings attention to the social and political costs of such a leap —which serves to reevaluate the alternative government policies that could have been implemented. This paper is structured as follows. The underlying views of notable statesmen are examined to reveal the theoretical advantages to globalisation. Then the conditions and boundaries of trade liberalisation is examined to reflect the extent of globalisation. Then the costs and benefits of globalisation are discussed specific to the Singaporean situation. Foreign talent and immigration, as well as its consequences, are then considered. Finally, yawning income inequality is explained in the final…show more content…
As Singapore is an amalgamation of four different immigrant populations, nation building was crucial in developing the national identity. At the dawn of the eighties, the government felt that there was too much influence from Western cultures. Policies were hence implemented to promote the Singaporean, and by extension, the Asian cultural identity. This was achieved through a combination of public education and changes in national school education. For example, traditional beliefs in the family unit as well as values such as conservatism were widely publicised. These attempts at preserving identity were met with some success. However, by the nineties, the Singaporean government had started to understand the need to pursue a more open economy. That meant increasing manufacturing and trade, as well creating a unique niche the economy could provide. The government hence pushed for a metropolitan global city as a vision for the

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