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MAS-ESS ESSAY COMPETITION 2002 The Role of the State in an Increasingly Borderless World CONTENTS Page Foreword by Mr Koh Yong Guan, Managing Director, MAS 2 Welcome Remarks by Dr Khor Hoe Ee at the Annual Dinner of the Economics Society of Singapore Keynote Address by Deputy Prime Minister Lee Hsien Loong at the Annual Dinner of the Economics Society of Singapore 3 5 Open Category First Prize - Essay by Dr Shin Jang-Sup (National University of Singapore) 13 Second Prize - Essay by Mr Kwek Ju-Hon (MINDEF) 26 Third Prize - Essay by Dr Donghyun Park (Nanyang Technological University) 35 Student Category First Prize - Essay by Mr Seow Zhixiang (Hwa Chong Junior College) 42 Second Prize - Essay by Mr Ko Zhihong (Victoria Junior College) 49 Third Prize - Essay by Mr Lai Zhenyu (Hwa Chong Junior College) 57 Acknowledgements 64
Foreword The Monetary Authority of Singapore (MAS), in collaboration with the Economic Society of Singapore (ESS), jointly launched the MAS-ESS essay competition in 2001. Our objective in this competition was to encourage students, economists, analysts, and other members of the public to engage in deeper thinking and discussion about important global trends and policy issues. In doing so, we hoped to foster greater awareness and understanding of such issues among the wider public in Singapore. The second MAS-ESS essay competition was held over April to September last year, on the theme “The Role of the State in an Increasingly Borderless World”. We were heartened by the good response to the competition, which saw a significant rise in both the number of submissions as well as quality of the essays. Indeed, the ideas expressed in these essays offer refreshing insights into the role of the state in the new and challenging economic landscape. We have decided to compile the prize-winning essays, together with the keynote address by DPM Lee Hsien Loong and welcome remarks by Dr Khor Hoe Ee, President of the ESS, at the 2002 ESS Annual Dinner and MAS-ESS Essay Competition Awards Ceremony. The essays are available for download on both the MAS and ESS websites, at www.mas.gov.sg and www.ess.org.sg, respectively. We hope that the MAS-ESS Essay Competition will go some way towards stimulating greater interest and debate on economic issues in Singapore. KOH YONG GUAN MANAGING DIRECTOR MONETARY AUTHORITY OF SINGAPORE May 2003 2
Page 1: THE ROLE OF THE STATE IN AN INCREAS
Page 5 and 6: ultimate system manager of the nati
Page 7 and 8: ECONOMIC REFORMS AROUND THE WORLD J
Page 9 and 10: environment. We have thrived by bei
Page 11 and 12: Singapore is by no means alone in f
Page 13 and 14: Singaporeans feel that the system i
Page 15 and 16: 1. Introduction In general, globali
Page 17 and 18: Of course, this power shift is not
Page 19 and 20: This strategy originated largely fr
Page 21 and 22: ecipient countries try to attract t
Page 23 and 24: Bibliography Amsden, A., Ted Tschan
Page 25 and 26: Table 1. Economic Performance by Co
Page 27 and 28: The Role of the State in an Increas
Page 29 and 30: International Competition: Diminish
Page 31 and 32: elief. Decisions of the herd are co
Page 33 and 34: Most importantly among these is the
Page 35 and 36: Bibliography The Economist. 2001. T
Page 37 and 38: 1. Introduction Globalization, or t
Page 39 and 40: affordability of the service. That
Page 41 and 42: example, its firms enjoy more oppor
Page 43 and 44: The Role of the State in an Increas
Page 45 and 46: economies is also diminished by the
Page 47 and 48: and rationalisation are in place. B
Page 49 and 50: through increasingly porous societi
Page 51 and 52: Introduction We are all living in a
Page 53 and 54:
Strong trade unions can also bring
Page 55 and 56:
States may allow for a more accommo
Page 57 and 58:
Bibliography International Monetary
Page 59 and 60:
Introduction The last decade of dev
Page 61 and 62:
As state policy strives to carry us
Page 63 and 64:
Moreover, in line with economic int
Page 65:
Acknowledgements The MAS and ESS wo
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