preview

Singapore Globalization Analysis

Better Essays
Open Document

Globalization is the tendency of investment funds and businesses to move beyond domestic and national markets to other markets around the globe, thereby increasing the interconnectedness of different markets. It not only increases international trade but also cultural exchange. Globalisation touches all aspects of a nation, be it economic, political, or sociocultural. The main objectives of globalization include – incorporating all the people from different worlds into a single global society which improves communication and persuades foreign companies to invest in the country which will bring revenue and improve the economy (Scholte, 1997). The country that will be discussed in this essay is Singapore which is a wealthy city state in south-east Asia with a population of 5,888,926 as on July 2017(est). Once a British colonial trading post, today it is a flourishing global financial hub and known as one of Asia's economic "tigers". Singapore has perfectly embraced a capitalist economy where the state is controlling all the stakes in companies. Also, because of the highly free market there are more than 7,000 different business companies in Singapore and the Port of Singapore is the busiest since the opening of Suez Canal which helps to increase import and export. The major success of Singapore is because of its strategic location and natural harbour from which 40% of the world maritime trade passes (BBC Report, 2017). With a GDP of $297 billion (2016 est.), Singapore has

Get Access