Please use this identifier to cite or link to this item: https://doi.org/10.1016/j.chieco.2017.01.003
Title: Embracing globalization to promote industrialization: Insights from the development of Singapore's petrochemicals industry
Authors: Vu K.M. 
Keywords: Cluster
Industrial policy
Petrochemicals
Singapore
Strategy
Issue Date: 1-Apr-2018
Publisher: Elsevier B.V.
Citation: Vu K.M. (2018-04-01). Embracing globalization to promote industrialization: Insights from the development of Singapore's petrochemicals industry. China Economic Review 48 : 170-185. ScholarBank@NUS Repository. https://doi.org/10.1016/j.chieco.2017.01.003
Abstract: Debates about industrial policy reveal disagreements on three salient issues. The first is whether government can overcome its own failures, namely knowledge constraints and rent-seeking, to correct market failures. The second is whether government should go beyond horizontal policies to adopt more activist interventions such as "winner-picking." The third is whether intervention should follow or defy the country's comparative advantage. Singapore's experience in developing a globally competitive petrochemicals industry, within only a few decades and through vigorous interventions, provides meaningful insights into these debates and offers valuable lessons for developing countries. The lessons drawn from this paper suggest three fundamental principles for designing a promotion strategy and a strategic action framework for implementation. © 2017 Elsevier Inc.
Source Title: China Economic Review
URI: http://scholarbank.nus.edu.sg/handle/10635/151337
ISSN: 1043951X
DOI: 10.1016/j.chieco.2017.01.003
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