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Singapore is a small nation state located at the southern tip of the Malayan Peninsula It was founded by Sir Stamford Raffles in 1819 as part of the British colonial empire Due to its strategic location astride the sea routes from Europe and India to China and Japan the British developed Singapore as a free port and centre for entrepot trade ie goods are imported from one country and exported to another Hamilton 1996 p 134 The structure of the economy was then developed as an open economy The objective of this essay is to discuss Singapores economy as an open one with the influence of the PAP in it and the extent of the economic development model of Singapore The PAP was formed on 21 November 1954 at the Victoria Memorial Hall in Singapore The founding leadership represented three distinct groups the social democrats consisting mostly of English - educated professionals leaders of public service unions and pro-communists representing unions in the private sector and Chinese school teachers Vasil 2000 p 19 The PAP now views itself as the sole custodian of the Singapore nation At first Singapore followed an inward - looking development and then it open up the country to foreign investment and multinationals with attractive fiscal incentives The PAP now has adopted the policy of mixed economy Islam and Chowdhury 1997 p 197 Singapores government assumes itself as an instrument in shaping and managing the economic environment and it underscores the importance of identifying and investing in certain key capabilities Ohmae 1995 p 67 The government gradually shifted investment incentives toward more sophisticated capital - intensive industries Ohmae 1995 p 73 Singapores financial system is very stable one This is because the government routinely accumulates a budget surplus and has accumulated substantial foreign reserves Singapore has also an extensive international banking system low interest rates no restrictions on the flow of foreign exchange and a strong currency which has
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