Singapore's reaction to the Asian financial crisis suggests that while there were signs of deepening liberalization, there was little evidence of a profound retreat from the developmental state paradigm. The crisis generated an obsession with ““globalization compatibility””: aggressive externalization of private and state-led economic activities and a gradualist strategy for building economic community abroad.
- Singapore's political economy
- government-linked companies
- developmental state
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Errata: In the September/October 2016 issue (volume 56 number 5, pages 836 and 849), there was a technical printing error in Figures 1b and 2 of the article by Ajay Raina that resulted in a loss of data on the graphs. This online article contains the restored figures in their original, correct state. The error is regretted.