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Singapore Financial Markets Analysis, Based on Ideas of William Lewis

In: Business and Management

Submitted By termpaper82
Words 1651
Pages 7
1. Summary of Lewis' analysis of the country and his suggested areas for improvement:

Lewis does not directly analyze Singapore in his analysis, although many of his suggested areas for improvement can be found in Singapore’s strategy over the past 50 years. In many ways, the Singapore Model has been an example of success in focusing on productivity to produce growth and value. It also provides a counterexample to several of Lewis’ ideas arguing against market distortions and level playing fields. I will now outline Lewis’ main ideas, and analyze them according to the Singaporean experience:

- Industry Analysis: Lewis advocates for analysis at the industry level, rather than the macroeconomic level. Singapore has also followed an approach that has favored industrial policy. Recognizing its lack of natural resources, Singapore since the 1960s has focused on investing in 4 key industries: ship refitting and repair, metal engineering, chemicals and electrical equipment. The current emphasis is on the biomedical science industry. Singapore has been effective at identifying key industry “clusters” for development and growth, strategies that move its economy up the value chain towards knowledge-based sectors. The country can improve upon this by identifying new industries, such as the latest focus on biotechnology, which are beyond the currently established industries from decades past.
- Skill training vs. education: Lewis argues that education is not directly linked to productivity, and that job skill training is more important to a society. In 1979, Singapore created the Skills Development Fund to help improve worker’s skill-based education, incentivizing employers to educate workers through grants. The government also attempted to raise wage levels as it improved the skill base of the work force. This strategy caused temporary economic contraction, though the...

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