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Does Singapore Need Economic Restructuring II or Another ‘Wage Revolution’?


  • LIM Chong Yah

    (Division of Economics, Nanyang Technological University, Singapore 637332, Singapore)


In this paper, Professor Lim first discusses the circumstances that led to the urgent need to embark on the Economic Restructuring I in 1979 and assesses the modus operandi used then to achieve the restructuring objective. He then compares the changed circumstances of today’s economy, which has a new set of problems and priorities. He advocates another formal economic restructuring exercise (Economic Restructuring II) and proposes recommendations to restructure the present economy. His iconoclastic and likely to be controversial recommendations are based on the economic principles used in the Economic Restructuring I, but with the additional objectives of checking the trend of rising income inequality and lessening the over-reliance of cheap foreign labour import.

Suggested Citation

  • LIM Chong Yah, 2012. "Does Singapore Need Economic Restructuring II or Another ‘Wage Revolution’?," Economic Growth Centre Working Paper Series 1201, Nanyang Technological University, School of Social Sciences, Economic Growth Centre.
  • Handle: RePEc:nan:wpaper:1201

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    More about this item


    Economic restructuring; income inequality; labour market; foreign workers;
    All these keywords.

    JEL classification:

    • O29 - Economic Development, Innovation, Technological Change, and Growth - - Development Planning and Policy - - - Other
    • D63 - Microeconomics - - Welfare Economics - - - Equity, Justice, Inequality, and Other Normative Criteria and Measurement
    • J21 - Labor and Demographic Economics - - Demand and Supply of Labor - - - Labor Force and Employment, Size, and Structure


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