An Institutional Perspective
Chapter 3: City-states and their Global Reach: Outward Investments from Hong Kong and Singapore
3. City-states and their global reach: outward investments from Hong Kong and Singapore We can change our orientation. We can alter our social climate to become more encouraging and supportive of enterprise and innovation. We can enthuse a younger generation with the thrill and the rewards of building an external dimension to Singapore. We can and we will spread our wings into the region and then into the wider world. (Singapore’s Senior Minister Lee Kuan Yew; quoted in Economic Development Board, 1993) INTRODUCTION Domestic institutional structures and organisation systems not only shape trajectories of national economic development, but also inﬂuence the ways through which national economies are articulated into the global economy. Chapter 2 has evaluated the signiﬁcant diﬀerences in the institutional structuring of domestic developmental trajectories in Hong Kong and Singapore. With the exception of some discussion of trade and inward investment ﬂows, however, it oﬀers nothing on how both city-states are actively globalising themselves via promoting outﬂows of people and capital. The fact that city-states are globalising themselves is not new (Olds and Yeung, 2000). What is surprising, however, is that much of the literature on global cities has paid only lip service to the complex interrelationships between global city formation and the developmental state. This lacuna in the global city literature, to a large extent, is explained by the dependency of the literature on empirical studies of two to three major global cities – London, New York and, occasionally, Tokyo (see Yeoh, 1999;...
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