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World Scientific Series on Singapore's 50 Years of Nation-Building 1 SlNGAPORE S ECONOMIC DEVELOPMENT Retrospection and Reflections Editor Linda Y. C. Lin� EBSCO Publishing : eBook Collection (EBSCOhost) - printed on 1/5/2018 2:20 AM via NATIONAL LIBRARY BOARD AN: 1170706 ; Lim, Linda, Lee, Soo Ann.; Singapore's Economic Development: Retrospection And Reflections Account: s6879889 World Scientiic Series on Singapore’s 50 Years of Nation-Building Published 50 Years of Social Issues in Singapore edited by David Chan Our Lives to Live: Putting a Woman’s Face to Change in Singapore edited by Kanwaljit Soin and Margaret Thomas 50 Years of Singapore–Europe Relations: Celebrating Singapore’s Connections with Europe edited by Yeo Lay Hwee and Barnard Turner Perspectives on the Security of Singapore: The First 50 Years edited by Barry Desker and Cheng Guan Ang 50 Years of Singapore and the United Nations edited by Tommy Koh, Li Lin Chang and Joanna Koh 50 Years of Environment: Singapore’s Journey Towards Environmental Sustainability edited by Tan Yong Soon Food, Foodways and Foodscapes: Culture, Community and Consumption in Post-Colonial Singapore edited by Lily Kong and Vineeta Sinha 50 Years of the Chinese Community in Singapore edited by Pang Cheng Lian Singapore’s Health Care System: What 50 Years Have Achieved edited by Chien Earn Lee and K. Satku Singapore–China Relations: 50 Years edited by Zheng Yongnian and Lye Liang Fook Singapore’s Economic Development: Retrospection and Relections edited by Linda Y. C. Lim 50 Years of Urban Planning in Singapore edited by Chye Kiang Heng Singapore’s Real Estate: 50 Years of Transformation edited by Ngee Huat Seek, Tien Foo Sing and Shi Ming Yu The Singapore Research Story edited by Hang Chang Chieh, Low Teck Seng and Raj Thampuran The complete list of titles in the series can be found at http://www.worldscientiic.com/series/wss50ynb EBSCO Publishing : eBook Collection (EBSCOhost) - printed on 1/5/2018 2:20 AM via NATIONAL LIBRARY BOARD AN: 1170706 ; Lim, Linda, Lee, Soo Ann.; Singapore's Economic Development: Retrospection And Reflections Account: s6879889 EBSCO Publishing : eBook Collection (EBSCOhost) - printed on 1/5/2018 2:20 AM via NATIONAL LIBRARY BOARD AN: 1170706 ; Lim, Linda, Lee, Soo Ann.; Singapore's Economic Development: Retrospection And Reflections Account: s6879889 Published by World Scientiic Publishing Co. Pte. Ltd. 5 Toh Tuck Link, Singapore 596224 USA ofice: 27 Warren Street, Suite 401-402, Hackensack, NJ 07601 UK ofice: 57 Shelton Street, Covent Garden, London WC2H 9HE Library of Congress Cataloging-in-Publication Data Singapore's economic development : retrospection and relections / edited by Linda Y.C. Lim (University of Michigan, USA). pages cm. -- (World Scientiic series on Singapore's 50 years of nation-building) Includes bibliographical references. ISBN 978-9814723459 (hardcover) -- ISBN 978-9814723466 (pbk.) 1. Economic development--Singapore. 2. Singapore--Economic policy. 3. Singapore--Economic conditions. I. Lim, Linda, editor. II. Lee, Soo Ann, 1939– Governance and economic change in Singapore. Container of (work): HC445.8.S575 2016 338.95957--dc23 2015034539 British Library Cataloguing-in-Publication Data A catalogue record for this book is available from the British Library. Cover image: Singapore Chinese Clan Associations Collection, Courtesy of National Archives of Singapore Copyright © 2016 by World Scientiic Publishing Co. Pte. Ltd. All rights reserved. This book, or parts thereof, may not be reproduced in any form or by any means, electronic or mechanical, including photocopying, recording or any information storage and retrieval system now known or to be invented, without written permission from the publisher. For photocopying of material in this