ECONOMIC DEVELOPMENT OF SINGAPORE AND CONFUCIANISM

Abstract

Singapore is one of the world smallest countries with a population of 3 million, a territory of 650 square kilometres. It has almost no natural resources. Her population mainly consists of Chinese, Malays, Indian and the minority groups. Although there are 4 official languages-Malay, Chinese, Tamil and English, English is the main language for business, government and industry. Singapore is one of those small countries which embraced modern civilisation while preserving their people's own cultural cores. Despite its apparent vulnerability, Singapore has achieved great economic successes, transforming itself from a poverty-ridden country to a well-developed modern city-state. It has become one of the richest economies in the world, the most industrialised country in Southeast Asia and an international financial centre in the Pacific-Asia region. One may find many factors to explain Singapore's economic success. However it has often been argued that Confucianism has been a key factor for the success. Hard work and frugality, education and loyalty, harmony and hierarchy are regarded as the important Confucian values that helped Singapore to pull the economy up from the slumps. This thesis examines the impact of Confucianism on the economic development of Singapore. My aim is to see how the government policies that are influenced largely by Confucian values have played a positive role in the economic development of Singapore from the time she gained self-independence in 1959 to the present days. In order to explain possible impact of Confucianism, we will first examine the economic history Singapore from 1959 to the present. Then the Confucian principles will be discussed. Finally we show how the Confucian values might have helped Singapore to achieve its economic miracle.