Econ 4450 (2010) Note 13 - Econ 4450 Note 13 1 Case 7...

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Econ 4450 Note 13 1
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Case 7 Singapore and its productive factors Singapore is unique It has little natural resources It has a home market too small to worth protection It does not have that much own capital (billionaires are footloose) It is far from the source of technology or rich markets Its success in achieving high real per capita income is remarkable 2
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In GDP per capita, by PPP, 2009 the comparative figures are: Kuwait $ 55,800 Singapore 50, 300 Brunei 50,100 United States 46,400 Hong Kong 42,700 Switzerland 41,600 United Kingdom 35,400 Germany 34,200 Japan 32,600 Saudi Arabia 20,300 3
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Its income distribution is not that bad either. Household consumption: Lowest 10% Highest 10% Finland (2007) 3.6% 24.7% Singapore (2008) 4.4% 23.2% United States (2007) 2.0% 30.0% United Kingdom (1999) 2.7% 28.5% Germany (2000) 3.2% 22.1 % Japan (1993) 4.8% 21.7% 4
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Relative Weight of Industry is kept high By employment By GDP(2009) Singapore 22.6%(2009) 26.8% United States 22.6%(2007) 21.9% United Kingdom 18.2%(2006) 23.8% Japan 27.9%(2005) 23.1% Korea 25.1%(2007) 39.4%[2008] Taiwan 36.8%(2008) 23.1% Hong Kong 8.0%(2008) 7.6% Cannot live like Hong Kong, with China as a kindred hinterland Neighboring countries can develop their own service centers 5
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So, how has Singapore succeeded? By the two principles of Lee Kuan Yew:
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This note was uploaded on 04/29/2010 for the course ECON 4450 taught by Professor Wan during the Spring '09 term at Cornell University (Engineering School).

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Econ 4450 (2010) Note 13 - Econ 4450 Note 13 1 Case 7...

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