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Introduction Since its inception the Republic of Singapore has combined the fastest growth with the lowest inflation of any industrial economy This feat was accomplished with a strict set of economic goals including a conservative monetary and fiscal policy free trade and a commitment to stable prices Wood 25 This evaluation of Singapores economy will look at the history and forces behind their success Setting Singapore has approximately the area and population of the city of Chicago The total land area is 239 square miles including 58 surrounding islets It is separated from the mainland of Malaysia by the Johore Strait to the north Across the Strait of Malacca and the Singapore Strait to the west and south of the island lies Indonesia It is situated just 85 miles north of the equator making the climate a tropical one Deyo 104 The population is entirely urban with a strong manufacturing base and active service sector and virtually no agriculture Gregory 261 There are virtually no natural resources Woronoff 122 Throughout its development Singapores population has increased at a blinding rate due to immigration and high birth ratesBuchanan 162 History In the period immediately after separation from Great Britain on 9th August 1965 Singapore was gripped by uncertainty of survival Tapping into this fear the Peoples Action PartyPAP effectively adopted national survival into their main political ideology This issue becomes an important rationale for internal and external monetary and fiscal policies Three points underpin this survival ideology first a creation of a society that is flexible enough to accept new values attitudes and perspectives secondly maximum mobilisation of a tightly organised society and economy and finally industry and nation buildingBuchanan 31 In the pursuit of survival the government plays up the philosophy of rugged individualism Lee Kuan Yew Singapores first secretary of economic develpoment acknowledges the importance of such a spirit in industrialisation Meritocracy becomes the logical
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