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Ethos Issue 7, Jan 2010
Rethinking Recovery:
Possible Discontinuities
and
Implications for Singapore
Godwin Tang and Valerie Yuen
Godwin Tang graduated from the University
Scholars Programme at the National
University of Singapore, with an honours
degree in Philosophy. He was previously a
Policy Officer in the Ministry of Community
Development, Youth and Sports, overseeing
social policies in the area of marriage
and parenthood.
Valerie Yuen graduated from the National
University of Singapore with an honours
degree in History. She was previously a
Senior Executive in the Civil Service College’s
Centre for Governance and Leadership,
working primarily on programmes and
research in the areas of complexity science
and behavioural economics.
They are both Senior Strategists in the
Strategic Policy Office of the Public Service
Division, Prime Minister’s Office. The views
expressed in this article are their own.
| NOTES |
| 01. |
Nye, Joseph S., "Which Globalisation Will Survive?",
Project Syndicate, 2009 and Rodrik, Dani, "A De-Globalised
World?", Project Syndicate, 2009. |
02.
|
Ferguson cites how China is the net lender to the US’
debts, which in turn allows the US to support China’s
export-dependent economy. Ferguson, N., "What Chimerica
Hath Wrought", The American Interest, January–February
2009. |
03.
|
"Decoupling 2.0", The Economist, May 2009. |
04.
|
"Uncoupling Asia: Myth and Reality", Asian Development
Outlook 2007 (Philippines: Asian Development Bank, 2007). |
05.
|
"Searching for a new source of global demand growth",
Deutsche Bank Global Markets Research, December 2008. |
06.
|
MENA economies are rich with capital and feedstock (oil,
gas, petrochemicals and basic inputs for heavy industry)
but lack labour, whereas Asian economies have abundant
labour, less capital and scarce feedstock. In addition, Gulf
States have also been slowly developing state-owned
multinational enterprises aimed at Asian markets in sectors
such as logistics, heavy industry and telecommunications.
See Hertog S., "Secular Trends in Gulf Geo-Economics", presented at the Second Franco-Singapore Conference
on the Impact of the Middle East on Southeast Asia and
Europe, December 2008. http://www.mei.nus.edu.sg |
07.
|
Bhaskaran, M., "The Crisis and Beyond", Asian Economic Outlook, December 2008. |
08.
|
The risk of protectionism, albeit in the guise of
environmental or other well-meaning laws, is also
likely due to projected higher energy costs and scarce
strategic resources. |
09.
|
Notwithstanding the dominance of free-market
capitalism, privatisation had been practised unevenly
across developed and emerging economies. While
developed economies such as the US and Europe had been
much more aggressive in adopting free-market capitalism,
emerging economies such as China, Russia and India were
operating economies which had relatively more direct state
influence alongside privatisation efforts. |
10.
|
Bremmer, I., "State Capitalism Comes of Age: The End
of the Free Market?", Foreign Affairs, May/June 2009. |
11.
|
"Hard to Swallow–Coca Cola and China", The Economist,
March 2009. |
12.
|
Gilpin, R., Global Political Economy–Understanding the
International Economic Order (New Jersey, USA: Princeton
University Press, 2001). |
13.
|
"G20 Summit: Global Financial Crackdown is Cost of
Solving Crisis", The Telegraph, April 2009. |
14.
|
"G20 tasks IMF to probe ‘Tobin Tax’", Reuters,
September 2009. |
15.
|
Brazil had imposed a 2% tax on foreign portfolio
investments in October 2009 to guard against excessive
speculative behaviour. |
16.
|
"Asian Monetary Fund, Take Two", Far Eastern Economic
Review, 2008. |
17.
|
Eichengreen, B., "The Irresistible Rise of the Renminbi",
Project Syndicate, 2009. |
18.
|
"Global Trends 2025: A Transformed Word", National
Intelligence Council, 2008. |
19.
|
Huntington, S., "Global Perspectives on War and Peace
or, Transiting a Uni-Multi-Polar World", American Enterprise
Institute for Public Policy Research Bradley Lecture Series. |
20.
|
The phrase, "the rise of the rest", is used by Fareed
Zakaria in his book The Post-American World (New York, W.
W. Norton & Co, Inc., 2008) to describe the "catching up" of
emerging powers such as China, Russia and India.
|
21.
|
Haass, Richard N., The Reluctant Sheriff: The United States after the Cold War (New York, USA: Council on
Foreign Relations, 1997). |
22.
|
Haass, Richard N., "The Age of Non-Polarity", Foreign Affairs, June 2008. |
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