Effectiveness of GI in reaching differing economic goals Flashcards
GI effective in achieving econ nationalism (Sg which is controlled v Burma )
Singapore:
The government founded the Neptune Orient Lines in 1969 which reduced dependence on foreign shipping lines, key for Singapore’s trade as a maritime port
Set up Singapore Petroleum Company in 1969, offsetting the domination of foreign petroleum companies especially with Singapore being an oil refinery centre (key export commodity) → sustained, high GDP growth rate of 9.0% in 1970s despite worldwide recession from oil crisis
Controlled air transportation with the creation of Singapore Airlines in 1972. This intervention in the industrialization process led to Import Substitution Industrialisation rising to 22% of the GDP by 1975.
Burma:
1963 Enterprise Nationalisation Law stipulated that
All major industries (e.g. Burma Oil Company) would be nationalised by June
All rice sold to Trade Corporation No. 1, and all imports and distribution handled by 24 The People’s Stores
1964
entry of foreigners was restricted by limiting visa to 24 hour visits
around 300k Indian and Pakistani nationals, many of whom were moneylenders and middlemen, were forced to leave
1965 Law to Invest Powers to Construct the Socialist Economy
Legalised state control of all economic resources and activities
Outcomes:
Led to state controlling 90% of legal trade
Led to negative growth of exports (-2% in the period of 1965-1980, close to -5% in the 1980s, in contrast to other capitalist countries)
GI effective in achieving equity (MY and Ph)
Malaysia: Poverty eradication by using state agencies to provide for the Bumiputera community (Federal Land Development Authority (FELDA) → land clearing and land allocation schemes for Malays) + National Trading Corporation (PERNAS) which was a joint venture with foreign companies was set up, and encouraged bumiputera employment by providing them with interest free financing if bumiputera were employed → 20% Corporate share by 1990 up from about 2.5% in 1971
Philippines: Continued commitment of the leaders to equity through land reform since independence, but was hindered by the ilustrados, resulting in weak implementation. Marcos Presidential Decree No. 27 in 1972, where all landholdings more than 7 hectares in size were liable to be put up for sale to tenant farmers by the government at a set price calculated based on the productivity of the land in question, allowing more rural populace to own land. Aquino unveiled her Comprehensive Agrarian Reform Programme (CARP) in 1987, with Ramos intensifying these efforts to redistribute land despite the ilustrado dominated Congress, resulting in 4.6m hectares of land being distributed to the rural peasantry when Ramos left office in 1998
