Globalization in Singapore

Topics: Globalization, The World Is Flat, Economics Pages: 2 (583 words) Published: November 3, 2012
Globalization, which begun with Columbus’ transatlantic journey in 1492, has evolved into a whole new scale that has never been seen before (Friedman, 2007). It has become a worldwide phenomenon marked by the elimination of borders between nations, and is without a doubt an integral part of our society (Vergnaud, 2004). The reasoning behind globalization’s rapid growth is a simple one, the human race is a race dependent on social interaction. Humans can simply not survive without the help of others as by working together humans provide each other with the many resources they need from food to clothing to entertainment. Singapore, as a state-city with over 5 million residents is one such example. Globalization’s powerful effect has affected the country in many ways, both good and bad, and has transformed the once small isolated island into an economic powerhouse.

The way that globalization has most affected Singapore is through the development of free trade. By connecting the world together, globalization created a world where consumers compete at an “immediate information” level, giving them the ability to influence the market right from their desks. Globalization also created more accessible and safe ways to transport goods. This enabled Singapore, a small country with little natural resources, to find new opportunities to grow and prosper. Thus, allowing Singapore to skyrocket to a staggering GDP per capita of $60.500, ranking 6th in the world (Index Mundi, 2012) and rank 1st in trade (“The Globalization Index”, 2007).

Globalization also has allowed Singapore to develop technologically. So much so, that Singapore ranks 1st in Asia and 3rd globally in technological innovation (“Global Innovation Index”, 2012). Technology can be seen in all aspects of life in Singapore from health to entertainment to even education. One such example is CREATE or Campus for Research Excellence and Technological Enterprise, an international research campus and...
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