1.1 INTRODUCTION Encouraged by the reception of our ﬁrst book on Singapore (The Singapore Economy, Edward Elgar, 1996), both within and outside Singapore, we oﬀer a new and diﬀerent analysis of this small but interesting economy. In our ﬁrst book we tried to provide a macroeconomic and international trade overview of the economy, showing how the diﬀerent parts ﬁtted together, how the macroeconomic, monetary and exchange rate aspects were related. We also provided some macroeconomic theory to help readers understand the nature of the relationships between these diﬀerent parts. That book was mainly historical and statistical and had very little institutional and historical detail and only brieﬂy considered the problems associated with some of the policies and institutions that have been credited for Singapore’s rapid economic growth. Some reviewers lamented that we were not able to discuss in greater detail some important institutions such as the Central Provident Fund, which has been used for macroeconomic purposes, but has also played an important role in shaping the nature of Singapore society and is not without its problems. In this volume we oﬀer an historical overview of the growth of the economy and the institutions and policies that made this rapid growth possible. This leads us to an examination of the current state of the economy and its possible future in terms of its prospective growth, structural change and the reforms that are currently being implemented and have been seen by some analysts as a paradigm...
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