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Essay / Research Paper Abstract
This 3 page paper looks at the models of economic growth that is being used by both Singapore and Hong Kong, and discusses which may be most appropriate for a new developing economy. The bibliography cites 3 sources.
Page Count:
3 pages (~225 words per page)
File: TS14_TEsingmodel.rtf
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Unformatted sample text from the term paper:
the potential to look to the strategies and models utilized by other countries. Both Singapore and Hong Kong have utilized for strategies in order to support their economic growth, but
if you the strategies there is potential to consider whether one of these would be suitable for use in a developing country. The development of Singapore may be seen as
a model based on the concept of comparative advantage, the initial approaches one where the economy started out with a high level of labor-intensive goods in the manufacturing sectors, which
were exported to foreign markets. During this stage of economic development the market was able to gain benefits as a result of its lower labor costs, as well as the
strategic position supporting exporting to other markets. As the economy grew the strategy involved, adopting and acquiring more technology in order to
increase the level of value adding activities it could take place within the industry, shifting the comparative advantage and increasing the knowledge base of the country. The economic development was
supported by a number of government policies, this included a relatively liberal market economy, where government intervention was kept to a minimum, and a open business environment (Huff, 1993). The
has been active attraction of foreign direct investment, supported by the way that the markets are regulated in terms of deterring corruption and creating stability, creating a model which is
known as the "Singapore model", which is based on exports, in this case a focus on electronics, chemicals and services, benefiting from economic planning and a free-market approach. By
comparison the economic strategy seen in Hong Kong can be seen as differing on several key points. Similar to Singapore, Hong Kong has few natural resources, the economic development in
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