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The Role Of The State In The Increasingly Globalized Economy: Implications For Singapore

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  • JANG-SUP SHIN

    (Department of Economics, National University of Singapore, Singapore)

Abstract

This paper argues that the role of the state becomes more important in some significant respects as the pace of globalization accelerates, contrary to the popular perception that it should be diminished. This is mainly because, as mobile factors obtain more freedom to choose locations across national borders, the role of the state as the ultimate provider of "complementary assets" in attracting mobile factors to a national economy becomes more important. The paper also argues that the very success of Singapore's complementing strategy in the era of globalization has necessitated the state to move to a two-pronged strategy, in which it needs to attempt seriously to acquire higher-end capabilities that are securely based on its territory, while trying to exploit ever-expanding complementary business areas as it has done previously.

Suggested Citation

  • Jang-Sup Shin, 2005. "The Role Of The State In The Increasingly Globalized Economy: Implications For Singapore," The Singapore Economic Review (SER), World Scientific Publishing Co. Pte. Ltd., vol. 50(01), pages 103-116.
    • Handle: RePEc:wsi:serxxx:v:50:y:2005:i:01:n:s0217590805001895
    DOI: 10.1142/S0217590805001895
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    References listed on IDEAS

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    1. Barry Eichengreen & Michael D. Bordo, 2003. "Crises now and then: what lessons from the last era of financial globalization?," Chapters, in: Paul Mizen (ed.), Monetary History, Exchange Rates and Financial Markets, chapter 3, Edward Elgar Publishing.
    2. Huff,W. G., 1997. "The Economic Growth of Singapore," Cambridge Books, Cambridge University Press, number 9780521629447, January.
    3. Paul BAIROCH & Richard KOZUL-WRIGHT, 1996. "Globalization Myths: Some Historical Reflections On Integration, Industrialization And Growth In The World Economy," UNCTAD Discussion Papers 113, United Nations Conference on Trade and Development.
    4. Mr. N. F. R. Crafts, 2000. "Globalization and Growth in the Twentieth Century," IMF Working Papers 2000/044, International Monetary Fund.
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    Cited by:

    1. Gnanaraj Chellaraj & Keith E. Maskus & Aaditya Mattoo, 2013. "Labor Skills and Foreign Investment in a Dynamic Economy: Estimating the Knowledge-capital Model for Singapore," Review of Development Economics, Wiley Blackwell, vol. 17(4), pages 627-643, November.
    2. Gnanaraj Chellaraj & Aaditya Mattoo, 2009. "Can the Knowledge-Capital Model Explain Sectoral Foreign Invesment? Evidence From Singapore," Economics Study Area Working Papers 101, East-West Center, Economics Study Area.

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