Essays on Role of Government in East Asian Miracle - Singapore and Hong Kong Case Study

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The paper "Role of Government in East Asian Miracle - Singapore and Hong Kong " is a perfect example of a macro & microeconomics case study. Around the world, there are many cases where governments intervene in the economies of their countries. This action is normally prompted by various reasons and it takes place in a mixed economy that is market-oriented or simply a market economy. The objectives targeted in economic intervention may be political or economic and they include the promotion of economic growth, increasing employment, reducing or raising prices, raising wages, increasing profits, promoting equality, addressing failures in the market and managing interest rates and money supply (Gerald 2006, p.

34). In Asian countries, government intervention in a number of economies has resulted in growth while in others it has had negative effects. Independence of some economies from the government has had positive results in certain countries such as China and Malaysia (Dixon 1991, p. 67). In this essay, the role of government intervention in the economic performance of three Asian economies will be discussed in a comparative manner. These countries are Singapore, Hong Kong and Malaysia.

The essay also examines the effect of economic independence in these economies. Finally, state intervention in the economic development of India and China will also be investigated. Singapore and Hong Kong compared Singapore and Hong Kong are two city-states in Asia. Their economies have many major differences depending on the involvement of the government. In Hong Kong, the government has steered clear of intervening in the economy. On the other hand, Singapore has its government involved in its economy and its intervention is strongly felt everywhere (Sarel 1997, p.

154). The economic system of Hong Kong is by many standards free from the control of the government. For a long time, the private sector has received the support of the government so that it can dominate and no restrictions exist on labor, enterprise and capital.


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