From Entrepot to NIC: Economic and Structural Policy Aspects of Singapore's Development

• Main Authors: WIRTZ, Jochen, MENKHOFF, Thomas
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 1998
• Subjects: Asian Studies; Growth and Development; Industrial Organization; Organizational Behavior and Theory
• Online Access: https://ink.library.smu.edu.sg/lkcsb_research/1348; https://ink.library.smu.edu.sg/context/lkcsb_research/article/2347/viewcontent/1998_SJM_SingaporesDevelopmentFromEntrepottoNIC.pdf
• Institution: Singapore Management University

This paper describes the development of Singapore from an entrepot to an industrialized economy and analyzes the role of its structural and industrial policies as one important factor in this success story. The advance of Singapore to an industrialized economy can be structured into four phases. Phase I, the early phase from 1959 to the mid-1960s is characterized by an import substitution policy followed together with Malaysia. Phase II describes the enhanced export-orientation and industrialization from 1967 to 1973. Phase III includes the industrial restructuring from 1973 to 1984. Phase IV describes the development towards diversification of the industrial base as well as an increased orientation towards industries with high value-added. The role of Singapore's structural and industrial policies in each of the four phases is examined.