Singapore has made spectacular progress in recent decades in pushing its economy into the world's top ranks. One important payoff has been a substantial rise in living standards. Among the main drivers behind this accomplishment have been entrepot trade, which exploits an important natural comparative advantage, on the one hand, and enlightened education, social, and economic policies, which have built up man-made comparative advantage based on human capital, on the other.
© 2003 Edward Elgar Publishing Ltd.
Arndt, Sven W. "Production Sharing and Singapore’s Global Competitiveness,” in R.S. Rajan (ed.), Sustaining Competitiveness in the New Global Economy (Edward Elgar, 2003b).