*Thanks are due to Tilak Abeysinghe, Manu Bhaskaran, Richard Doner, Gunter Dufey, Donald Low, Irene
Ng, Pang Eng Fong, Kanwaljit Soin and others for their very helpful comments on earlier versions of this
paper. Any remaining errors of fact or interpretation are mine alone.
Singapore has long been widely recognised as possibly the most successful case of development among
emerging economies in the 20th century. This has resulted in a large literature—both academic and
popular—on the country’s economic development, quite out of proportion to its small size and unique
circumstances.1
This chapter will not repeat or synthesise this literature, since it is well-known. Instead I
will (1) provide a brief retrospective summary of the country’s economic policy and performance in the
20th century since independence in 1965, considering the extent to which these are replicable (or not) in
other countries; (2) discuss the many developmental challenges the now-rich country faces in the 21st
century, reflecting on whether they cast doubt on the wisdom and sustainability of some of its past and
current policies, and the prospective implications for other developed as well as emerging economies
which may seek to emulate Singapore as a “model”.2
Given this focus, the chapter draws heavily on current