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SINGAPOREA Survey of its Economic InstitutionsSince 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 successBackgroundSir Stamford Raffles established Singapore as a British trading post in 1819 At the time the island was scarcely inhabited had no valuable resources was mostly marsh and jungle land and wasnt located on the major commercial trade routes The only thing the island had going for it was its location for secondary trade and its deep water port It wasnt until the 1860s when the Suez Canal opened that the ports true potential was realized With the canal thoroughfare the island suddenly became attractive as a resting point Initially it was used as a coaling station for the steam boats traversing the new routes between the East and West From here Singapore was rapidly integrated in the commercial channels as a source for rubber and tin and as a distributor for goods collected from Europe and America Woronoff 121-2 This newfound prosperity came to a halt in World War II when Singapores occupation was juggled between Japan Britain and Malaysia After all the commotion was over Singapore secured its independence on August 1965 and was declared a republic in December 1965 At this point the Republic of Singapore had to start anew Buchanan 31 In effect it had to develop its own system of government and economic policies to retain its success After all the smoke cleared Singapore was able to accomplish this feat and much more SettingSingapore has approximately the area and population of the city of Chicago The total land area is about 239 square miles including 58 surrounding islets It is
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