POLITICAL STABILITY AND ECONOMIC DEVELOPMENT OF THE STATE: EXAMPLE OF SINGAPORE

Serhii Teslenko

doi:10.30525/2592-8813-2021-2-18

POLITICAL STABILITY AND ECONOMIC DEVELOPMENT OF THE STATE: EXAMPLE OF SINGAPORE

PDF

Published: Apr 4, 2022

https://doi.org/10.30525/2592-8813-2021-2-18

Serhii Teslenko

http://orcid.org/0000-0002-2190-6173

Abstract

The article examines the impact of political stability on the economic development in Singapore. An attempt has been made to find an answer to the question of which regime determines economic growth: authoritarian or democratic. The study used descriptive, systematic and comparative methods, which allowed to analyze the impact of political stability on economic development of Singapore. The Singapore case should be viewed more as an exception to the rule than as an example of explaining the economic efficiency of authoritarian regimes. The study concludes that Singapore’s sustainable development cannot be explained by the influence of only one independent variable – political stability. Many other factors should be taken into account: cultural, historical, geographical, human. The economic success of this state was largely due to a consistent policy focused on achieving long-term results – economic growth and effective and rational planning, which became possible thanks to the political stability of the state.

How to Cite

Teslenko, S. (2022). POLITICAL STABILITY AND ECONOMIC DEVELOPMENT OF THE STATE: EXAMPLE OF SINGAPORE. Baltic Journal of Legal and Social Sciences, (2), 143-149. https://doi.org/10.30525/2592-8813-2021-2-18

Article views: 1303 | PDF Downloads: 845

Keywords

References

1. Acemoglu D., Robinson J. Economic Origins of Dictatorship and Democracy. (2006). Cambridge University Press. P. 432.
2. Aisen A., Veiga F. (2011). How Does Political Instability Affect Economic Growth? IMF Working Paper. P. 1–28.
3. Alesina A. (1992). Political Instability and Economic Growth // NBER Working Paper Series. P. 1–35.
4. Alesina A. (1992). Political Instability and Economic Growth. P. 5.
5. Alesina A., Perotti R. (1994). The Political Economy of Growth. The World Bank Economic Review 8: 356.
6. Benson Durham J. (1999). Economic Growth and Political Regimes. Journal of Economic Growth 4: 81–111.
7. Besley T., Kudamatsu. M. (2007). Making Autocracy Work. Development Economics Discussion Paper Series. P. 1–70.
8. Caplan B. (2009). Two Paradoxes of Singaporean Political Economy. Library of Economics and Liberty. P. 9.
9. Cheong Koon Hean (2008). Achieving Sustainable Urban Development. ETHOS, World Cities Summit Edition. P. 18.
10. Gomez J., Can-Seng O. (2006). Introduction: Stability, Risks and Opposition in Singapore. The Copenhagen Journal of Asian Studies 23: 12.
11. Huntington S. (1968). Political Order in Changing Societies. Yale University Press. P. 45.
12. Jody Overland, Kenneth L. Simons, Michael Spagat (2000). Political Instability and Growth in Dictatorships. William Davidson Institute Working Papers Series 354, William Davidson Institute at the University of Michigan.
13. Lee Kwan Yew (2000). From Third World to First. Harper Publisher. P. 24.
14. Lipset S. (1993). The Social Requisites of Democracy Revisited 59: 14.
15. Martin C. McGuire and Mancur Olson, Jr. (1996). The Economics of Autocracy and Majority Rule. Journal of Economic Literature 34: 80–82.
16. Overland J., Simons K., Spagat M. (2005). Political Instability and Growth in Dictatorship. Public Choice 125: 445–470.
17. Parrado E. (2004) Singapore’s Unique Monetary Policy: How Does It Work? IMF Working Papers. P. 32.
18. Przeworski A., Limongi F. (1993). Political Regimes and Economic Growth. The Journal of Economic Perspectives 7: 51–69.
19. Salhi A., Bolle M. (2007). Democracy, Autocracy and Growth: Theoretical Considerations. The Institutional and Social Dynamics of Growth and Distribution, Pisa. P. 13.

Issue

##plugins.themes.bootstrap3.article.main##

##plugins.themes.bootstrap3.article.sidebar##

Abstract

How to Cite

##plugins.themes.bootstrap3.article.details##