Singapore's Development: The Singapore Economic Model

Acknowledgements

First, I would like to express a deep and sincere gratitude to my wife, Michelle Dodge, and two children, Langston Whyte and Tennyson Whyte. It has been a long and tedious road finally to complete this paper. They have suffered not having me around because I was spending long hours doing research and writing this thesis. The research and writing process was sometime long and drawn out and at other times fun and engaging. A special thank you also goes out to my major thesis reader Prof. Parsa, who had the right blend of patience and discipline to keep me motivated and inspired, you are a true inspiration sir.

My mother always believed in me and gave me inspiration when I felt like giving up. My aunt gave me the tools I need

Singapore is one of the only countries to move from “Third world to First world.” This is because Singapore used bold and novel strategies in the initial stage of its development. Most countries and peoples were unaccustomed to these strategies. One such brazen and unexpected move that Singapore made was to refuse International Monetary Fund (IMF) loans. At that time, it was unheard of for a developing country not to take IMF loans because these loans were synonymous with development. In addition, it is important to acknowledge that the colonization of Singapore had some part in the creation of its economic model. Therefore, the colonial and occupation history is important to set the foundation for its economic

Approximately ninety-eight percent of people who identify as South Sudanese voted to have an autonomous government, separating them from their more developed neighbor, North Sudan. South Sudan now has its own government and laws and faces an uphill battle. Already South Sudan exhibits four out of the five elements that Paul Collier said countries usually have before they are doomed to fail. He pointed out in his book “Bottom Billion” that land-locked countries with a history of conflict, bad neighbors, rich resources, and poor governance are usually destined to fail. On the other hand, with the disciplined use of the Singapore economic model, South Sudan might be able to overcome the challenges Paul Collier points out in his book. The Singapore economic model will be vital to the development of South Sudan because it is one of the few successful models with the ability to transform an underdeveloped country, which has been left to fail into a booming world economic power. Singapore has a developed economy that can outplay many developed economic zones. The open free market environment, stable prices and political stability have been considered as key factors for a successfully developed economy of Singapore. Selection of Singapore is