The purpose of this document is to show advantages and disadvantages of globalization in a very peculiar country: Singapore a very small country with limited resources that has become one of the world’s most important financial centers, one of the most busiest trade ports in the world and how quality of life has improved over the year due to international commerce practices and how they opened their economy to the world.
I chose this country because it has a very strict and conservative government that is selective with their globalization and the products they trade. I also think that the way they focused on their core competencies is one of the key factors why they achieved such a strong and stable economy,
SINGAPORE’S ECONOMICAL DEVELOPMENT AND GLOBALIZATION
Fifty years ago, the city-state of Singapore was an undeveloped country with a GDP per capita of less than US $320. Today, it is one of the world's fastest growing economies. Its GDP per capita has risen to an incredible US $60,000, making it the sixth highest in the world based on Central Intelligence Agency figures. For a country that lacks territory and natural resources, Singapore's economic ascension is nothing short of remarkable. By embracing globalization, free market capitalism, education, and strict pragmatic policies, the country has been able to overcome their geographic disadvantages and become a leader in global commerce.
During colonial times, Singapore's economy was centered on entrepôt trade. But this economic activity offered little prospect for job expansion in the post-colonial period. The withdrawal of the British further aggravated the unemployment situation.
The most feasible solution to Sinagpore's economic and unemployment woes was to embark on a comprehensive program of industrialization, with a focus on labor-intensive industries. Unfortunately, Singapore had no industrial tradition. The majority of its working population was in trade and services....