A Vision for Australia: Indicators from Singapore

Edwards C.T. (1992) A Vision for Australia: Indicators from Singapore. Australian Economic Review, 25 2: 16-30. doi:10.1111/j.1467-8462.1992.tb00580.x

Author Edwards C.T.
Title A Vision for Australia: Indicators from Singapore
Journal name Australian Economic Review   Check publisher's open access policy
ISSN 1467-8462
Publication date 1992-01-01
Sub-type Article (original research)
DOI 10.1111/j.1467-8462.1992.tb00580.x
Open Access Status Not yet assessed
Volume 25
Issue 2
Start page 16
End page 30
Total pages 15
Subject 2002 Cultural Studies
Abstract This article suggests that Australia could benefit from observing more closely Singapore's current development strategy. The production of labour intensive manufactures primarily by foreign firms and for export formed the core of Singapore's successful economic advance in the 1960s and 1970s. While a factor endowment strength—comparatively cheap labour—lay behind this achievement, the Singapore government actively supplemented this strength by creating a business environment highly favourable to the needs of foreign investors. With full employment and rising wage levels since then, Singapore lost its comparative advantage in the production of low wage manufactures to other East Asian countries. Recently, its development has been based more on created than inherited advantages. The Singapore government argues that the resources crucial to sustained per capita income advance in middle and higher income countries are not natural resources but rather information, technology, investible funds, research and development (R&D) spending and professional people. Singapore aims to develop its business environment to attract such resources to Singapore. The government's vision for Singapore is a nation where the share of professional and highly skilled manpower in the workforce rises over time. This employment goal informs the government's approach to all policy matters: infrastructure development, education, urban development, microeconomic reform, taxation, fiscal, monetary and exchange rate policy, support for manufacturing and service activities, and attitudes to foreign investors. By comparison with Australia, Singapore has a very level playing field. The government sees no conflict between intervening to attempt to create competitive advantage while vigorously pursuing microeconomic reforms to make the playing field in Singapore still more level. Copyright
Q-Index Code C1
Q-Index Status Provisional Code
Institutional Status Unknown

Document type: Journal Article
Sub-type: Article (original research)
Collection: Scopus Import - Archived
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