Development strategies of small economies: Singapore, Hong Kong and Macao
Abstract
Purpose
The purpose of this paper is to examine the economic development in Singapore, Hong Kong and Macao to find the reasons for the success.
Design/methodology/approach
Applying economic development theories and using archival data to examine the development strategies of the three economies.
Findings
There is no single model suitable for economic development for all, and small economies need to be strategically interventionist by either inducing development or balancing the disequilibria caused by development.
Originality/value
This is the first comparative study to examine these three fast-growing small economies. The findings lend insight into Hirschman’s theory of unbalanced growth and Stiglitz’s assertion that different economies and conditions require different development strategies.
Keywords
Citation
Lam, N.M.K. (2015), "Development strategies of small economies: Singapore, Hong Kong and Macao", Asian Education and Development Studies, Vol. 4 No. 3, pp. 265-281. https://doi.org/10.1108/AEDS-11-2014-0055
Publisher
:Emerald Group Publishing Limited
Copyright © 2015, Emerald Group Publishing Limited