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Sustaining economic development in a globalizing world

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  • 1. Driving Forces ImpactCase Study : Singapore and her Strategies
  • 2. What is Globalization? Interconnectedness Integration
  • 3. Key Driving Forces Transportation  Shrink the world  Jet aircraft, containerisation  Faster access to the world Communications  Telephone, emails, fax, msgs, optical fibre systems, internet  Speed  Coordination convenience
  • 4. Key Driving Forces TNCs ( Transnational Corporations)  Microsoft Corporation, Toyota Motors  In different parts of the world ○ Lower cost of production ○ New markets ○ Ease of resources
  • 5. Possible SEQs: To what extent are TNCs a key driving force in integrating the economies of the world? Explain your answer. Which of these do you think is the most significant force in driving Singapore towards a globalized economy? Explain your answer.  Advancement in technology  Advancement in transportation  Operations of the TNCs
  • 6. Impact of Globalization +ve  Improved standard of living ○ Increased income level – more investment, more revenue, better infrastructures ○ Yr 2000 - $4940 (ave household income) ○ Yr 2005 - $5400 (ave household income)  Variety of foreign goods  Better quality of life
  • 7. Impact of Globalisation +ve  Increased competition among nations ○ To attract TNCs/ MNCs  Eg China (Suzhou, Wuxi, Dalian developed industrial infrastructures to attract foreign investors)  City of Dalian (see pg. 52)  Singapore vs Msia ports (see pg. 53)  Bangkok vs HK vs Singapore airport (see pg. 53)
  • 8. Impact of Globalisation +ve  Talent ○ Opportunity and talents move around the world ○ Ease brain drain issues
  • 9. Impact of Globalisation +ve  Increased awareness of foreign culture ○ Learn about history, culture, way of living ○ Travelling, surfing the internet, films
  • 10. Impact of Globalisation +ve  Awareness of environmental management ○ Alternative energy (wind, solar, geothermal)  Eg. The Three Gorges Project ( hyrdro electric power)  Importance of sustaining energy ○ Conservation projects
  • 11. Impact of Globalisation -ve  Widening income gap ○ Poor becomes poorer, rich becomes richer
  • 12. Impact of Globalisation -ve  Loss of local culture ○ Foreign/ global brands dominate market ○ Homogeneous culture around the world  Starbucks, Macdonalds ○ Spread of pop culture – youths lose interest in local culture
  • 13. Impact of Globalisation -ve  Environmental degradation (deforestation/ global warming/ flooding/ erosion/ haze) ○ Greenhouse gases emitted from planes and ships ○ More factories = more pollution ○ More uses and exploitation of natural resources to gain profit (see pg. 59)  Eg. Devastation of Amazon rainforest (58.7 million hectares in 2000)  Eg. Clearing of rainforests by small-scale farmers to plant cash crops/ by developers to build factories and transport facilities  Eg. The Three Gorges project ○ Lack of environmental regulations
  • 14. Case Study: Singapore Strategies  Diversify the economy – “spread the eggs” ○ Centre of technology-intensive, high value added manufacturing activities, life sciences, pharmaceuticals products  A*STAR for R & D  IMCB for biomedical advancement  SARS detection test kit ○ Regional hub for education and tourism  More global brand universities  IR as tourist attraction
  • 15. Case Study: Singapore Strategies  Nurture SMEs as a regional manufacturing hub ( Polar Café, Bread Talk, Qianhu ○ Provide employment ○ Support TNCs activities – banks, ASME, tax exemptions
  • 16. Case Study: Singapore Venturing abroad  Regionalisation ○ Abundant land, lower labor cost, new market, supportive govt ○ Cooperation btw Singapore “soft” ware; foreign “hard”ware  Suzhou Industrial Park, China  The International Tech Park, India (Bangalore)  Singtel Group (casting its net far and wide) ○ Relocation of Singaporeans (work and education)
  • 17. Case Study: Singapore Expanding market reach through economic cooperation  Free Trade Agreements (FTA) ○ More choices in goods & svcs ○ Improved standards due to competition ○ Cost savings – tax exemption ○ Bigger market outreach ○ Ease to venture abroad  SEZs (Special Economic Zones) ○ Tax and business incentives ○ Singapore and Indonesia (Batam, Bintan, Karimun)
  • 18. Case Study: Singapore Managing resources efficiently  Developing people ○ Entrepreneurship/ technopreneurship  New products for competition  Credit risk  Continuous learning (WDA)  Financial assistance for upgrading of skills ○ Foreign Talents  Create business opportunities  Create employment  Fill up vacancies  Diversify skills
  • 19. Case Study: Singapore Managing resources efficiently  Managing the environment ○ Land use – 680sq km with limitations ○ High standard facilities – houses, transportation, commerce, defense, education  Eg. Downtown Marina Bay – financial hub  Eg. Jurong Island – chemical hub (reclaimed) JTC ○ Nature sites  Preservation of natural habitats  Waste disposal areas in P. Semakau, incineration plants in Ulu Pandan, Tuas, Senoko
  • 20. Case Study: Singapore Managing resources efficiently  Cooperation with regional and international organizations ○ ASEAN – haze management (ASEAN Ministerial Meeting) ○ International – restricts the use of ozone depleting substances (CFC)  Public Education ○ Sense of responsibility ○ General education in schools – recycling, wste management, Clean and Green Week, workshops, reduce use of plastic bags