Social safety nets and economic growth : the nordic model and its applications to Singapore.

• Main Author: Giam, Gerald Yean Song.
• Other Authors: J Soedradjad Djiwandono
• Format: Theses and Dissertations
• Language: English
• Published: 2013
• Subjects: DRNTU::Humanities
• Online Access: http://hdl.handle.net/10356/55170
• Institution: Nanyang Technological University

The Nordic countries have been arguably very successful in providing comprehensive social safety nets for their people, yet achieving steady economic growth and competitiveness during a period of increasing globalisation. Singapore, on the other hand, has achieved stellar economic growth, but has had to spend much less on social support for its citizens. This paper will explain why the Nordic countries been able to achieve relatively strong economic growth despite having such comprehensive welfare states, which some have argued might weigh down growth. The "Nordic model" will be analysed in this paper to understand the factors contributing to its unique success, and to identify which of its features may be applicable to Singapore, as the latter seeks to create a more inclusive society while sustaining economic growth.