The paper "Developmental State, the Monetary Authority of Singapore" is a great example of a macro and microeconomics assignment. With no forms of corruption, with no forms of self-seeking, along with the strict, honest and disciplined imposition of policies set for development, the developmental state will perfectly constitute the legitimate industrializing strategy. This is because if these setbacks to legitimacy in the developmental state would greatly paralyze the state-business relationships which are regarded as the perfect bedrock for the implementation of development policies in developmental states (Woo-Cumings, 1999). Empirically, while Japan and many other East Asia countries were rising to the skies with their excellent industrial recovery after the First World War, the state had in mind the domestic businesses which they regarded as powerful tools for transformation.
They strengthened their relationship with the businesses so that they could build favorable grounds for seeding their policies on. At first, their policies which were geared by a set of competent bureaucracy from the ‘ pilot agency’ readily germinated and rapidly flourished. However, along the way, the relations failed to be mutual and became corruption-packed, less transparent and the top elite began to collide.
These were dangerous and were enough to bring the already established strong economy down, setting the fact that with competency and transparency from the pilot agency, legitimacy and trust will be guaranteed in developmental states. Question 2 For a relationship that was broken by a lack of trust, it is normally hard for it to heal. With the issue of corruption now appearing very rampant and growing everywhere for everyone to see, it is quite impossible to resurrect back the idea of developmental states, only with the exception of the nations that are free from the dirt of corruption. If the developmental state model finds roots in a corruption-free state, it will absolutely flourish and stimulating the industrial and economic growth, especially because the competent and non-political bureaucracy will be able to properly devise and wisely implement the proper economic plan, following stipulated policies at the same time (Woo-Cumings, 1999). With proper implementation of its goal, the developmental states will have a role to play in the globalised economy because the products from the well state-managed industries will be competitive and calling for market internationally.
The states must however first have to jump over the hurdle of tough international trade regulations. Topic 2 Question 1 There were a lot of factors that were instituted by the prime minister and his officials that let his ruling party lose the 2009 general elections. Their actions in the government were no longer holding the public trust. Simply, the party set off well by reinforcing a good working relationship between the competent bureaucrats and the business industry, leading to high economic growth and creating enough jobs for the people. Along the way, people were becoming jobless, the gap between the rich and the poor widened, social security was getting eroded by women bearing few children, the implementation of public projects dragged as the government was sorting selfish interests, and the diversion of funds from urban voters to the large block of rural voters hence discouraging the trust on the government and the concentration on small groups of people and businesses at the expense of Japan was seen.
These factors took away majority votes and send the LDP parking (Publishing Oecd Publishing, 2009).
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