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Full-Text Articles in Entrepreneurial and Small Business Operations

Small And Medium Enterprises' Risk Exposures And Mitigation Approaches In Nigeria, Joshua Solomon Adeyele, Olubunmi Florence Osemene Jan 2018

Small And Medium Enterprises' Risk Exposures And Mitigation Approaches In Nigeria, Joshua Solomon Adeyele, Olubunmi Florence Osemene

The Journal of Entrepreneurial Finance

Risks militating against small and medium enterprises (SMEs) have been on the increase due to how risks mitigations are conducted by the owners/operators. Although thorough understanding of businesses undertaken by the owners of SMEs enables them to have a clear picture of risks affecting their businesses so as to act in proactive manner in order to mitigate or avoid the impending risks. To assess the risk exposures of SMEs, a random sampling technique was used to select 209 SMEs within Lagos and Benin City. Both descriptive and inferential statistics such as Phi and Gamma were used to analyse the data …

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University-Based Technology Start-Up Incubators – Evaluating Their Contribution To The Co-Production Of Knowledge, Innovation And Growth. Experience From The Edge, Anthony Paul Buckley, Stephen Davis Jan 2018

University-Based Technology Start-Up Incubators – Evaluating Their Contribution To The Co-Production Of Knowledge, Innovation And Growth. Experience From The Edge, Anthony Paul Buckley, Stephen Davis

Articles

Policy makers in developed economies see merit in supporting the innovative abilities of technology entrepreneurs. It is hoped that from these highly–educated entrepreneur(s), new technology and service–based firms (NTBFs) can emerge. Indeed empirical evidence suggests that it is fast-growing young innovative firms which provide the bulk of new employment growth (Henrekson & Johansson, 2010; Storey & Greene, 2010). Start-up incubators are one of a number of micro-policy interventions with which states attempt – primarily through publically funded higher education Institutions - to support technology entrepreneurs to develop and commercialise their innovations. Incubator numbers have grown globally from their first appearance …

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The Contribution Of Higher Education-Based Technology Start-Up Incubators To The Co-Production Of Knowledge, Innovation And Growth: Experiences From The Edge, Anthony Paul Buckley, Stephen Davis Jan 2018

The Contribution Of Higher Education-Based Technology Start-Up Incubators To The Co-Production Of Knowledge, Innovation And Growth: Experiences From The Edge, Anthony Paul Buckley, Stephen Davis

Articles

Start-up incubators are one of a number of micropolicy interventions used by states to support their technology entrepreneurs. Since 2000, the number of incubators in the United States has almost trebled while that in Europe has more than doubled. This article outlines the challenges involved in attempting to evaluate the contribution of the higher education technology start-up incubator process. It advocates theory-based evaluation (TBE) methodology as a possible solution for effective evaluation (and policy learning) in complex research settings such as this, where a study is unable, for myriad reasons, to meet the stringent requirements of experimental research design. TBE …

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The Asian Perspective On Smes In International Economic Law: Opportunities And Challenges Arising From The Tpp, Heng Wang May 2017

The Asian Perspective On Smes In International Economic Law: Opportunities And Challenges Arising From The Tpp, Heng Wang

Research Collection Yong Pung How School Of Law

The Trans-Pacific Partnership (TPP) is likely to have profound implications for small and medium-sized enterprises (SMEs) within and beyond the free trade area. The key question will be analysed: what are the challenges and opportunities that the TPP hold for SMEs? It is argued that, first, the key benefits the TPP can be expected to bring for SMEs are enhanced market liberalization and a more predictable regulatory environment. Second, the TPP poses serious challenges for SMEs (eg insufficiency of the opportunities to SMEs, the complexity of rules, difficulties in rule interpretation and implementation, and remaining regulatory differences), but different types …

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The Implications Of The Trans-Pacific Partnership For Smes: Opportunities And Challenges, Heng Wang Jan 2016

The Implications Of The Trans-Pacific Partnership For Smes: Opportunities And Challenges, Heng Wang

Research Collection Yong Pung How School Of Law

The Trans-Pacific Partnership (TPP) will have profound implications for small and medium-sized enterprises (SMEs) within and beyond the free trade area. SME issues get more attention in the TPP than previous FTAs. Since there is limited research on the impact of the FTAs on SMEs, it is of great significance to probe into the practical implications of the TPP for SMEs. The key question will be analyzed: what are the challenges and opportunities that the TPP hold for SMEs? It is argued that, first, the support to SMEs, tariff elimination or reduction, and the reduction of non-tariff barriers are major …

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Influence Of Business Information Use On Sales Performance Of Smes In Lagos State, Adebowale Ojo, Sydney Akinsunmi, Oluwatimilehin Olayonu Mar 2015

Influence Of Business Information Use On Sales Performance Of Smes In Lagos State, Adebowale Ojo, Sydney Akinsunmi, Oluwatimilehin Olayonu

Library Philosophy and Practice (e-journal)

Small and Medium Scale Enterprises (SMEs) are crucial drivers of every nation’s economy. However, reports suggest SMEs in Nigeria have not performed creditably well in terms of sales. Hence, they are yet to contribute to a large extent to the economic growth and development of the country. Considering that business information is an indispensable resource in overall business performance, one is forced to question the availability and utilisation of business information by SME owners. This study examines the influence of business information use on the sales performance of SMEs in the information technology sector in Lagos State. Employing a survey …

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Relational Ties In Emerging Markets: What Is Their Contribution To Sme Growth?, Natalya Totskaya Jan 2015

Relational Ties In Emerging Markets: What Is Their Contribution To Sme Growth?, Natalya Totskaya

New England Journal of Entrepreneurship

Prior studies argue that social capital is vital for firm growth. Adding to this line of research, this paper provides more evidence regarding the contribution of bonding and bridging social ties to various aspects of small-l and medium-sized enterprise (SME) development. Building on the original data from Russia, this paper investigates the effects of firm-internal and firm-external relational ties on SME performance and geographic expansion. The findings indicate that horizontal bridging ties facilitate specific strategies of SME growth. Thus, this paper supports prior research conducted in the Asian context, and allows for extending the outcomes of bonding and bridging social …

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Entrepreneurial Orientation And International Scope: The Differential Roles Of Innovativeness, Proactiveness, And Risk-Taking, Li Dai, Vladislav Maksimov, Brett Anitra Gilbert, Stephanie A. Fernhaber Jan 2014

Entrepreneurial Orientation And International Scope: The Differential Roles Of Innovativeness, Proactiveness, And Risk-Taking, Li Dai, Vladislav Maksimov, Brett Anitra Gilbert, Stephanie A. Fernhaber

Scholarship and Professional Work - Business

This research integrates the international business and entrepreneurship literatures by examining the independent influences of innovativeness, proactiveness, and risk-taking on the ability of a firm to broaden its scope across international markets. For each dimension of entrepreneurial orientation, a cost–benefit framework is applied to highlight the trade-offs associated with different levels in the internationalization context. Based on a unique dataset of 500 SMEs spanning 10 industries, the results reflect the consequences of being “stuck in the middle” with respect to their strategic posture on innovativeness and proactiveness, but reveal a nuanced role for risk-taking behavior. The non-uniform and non-linear relationships …

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Effect Of Deposit Money Banks' Credit On The Performance Of Micro, Small And Medium Enterprises In Nigeria, G. O. Evbuomwan, V. O. Okoruwa, A. E. Ikpi Jun 2013

Effect Of Deposit Money Banks' Credit On The Performance Of Micro, Small And Medium Enterprises In Nigeria, G. O. Evbuomwan, V. O. Okoruwa, A. E. Ikpi

Economic and Financial Review

This paper set out to empirically evaluate the effect of deposit money banks' credit on the performance of MSMEs in Nigeria, with the aid of a vector autoregression and error correction mechanism (ECM) technique. Results of the empirical investigation confirmed credit had a positive effect on GDP of MSMEs in Nigeria as the coefficient of CAM (credit to MSMEs) was positive (1.0569) and significant at 1.0 per cent level. It was, therefore, recommended that every effort should be made to improve access to credit by MSMEs, so that they could play their potential roles of employment generation and wealth creation …

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Calibrating Growth In The Ambitious Sme: Growth Mapping As A New Direction In Business Model Visualisation, Pat Daly, James S. Walsh Jan 2013

Calibrating Growth In The Ambitious Sme: Growth Mapping As A New Direction In Business Model Visualisation, Pat Daly, James S. Walsh

Irish Business Journal

Research relating to management assumptions1 has largely being confined to mature industries where they are readily recognisable as influential business variables in finance, economics, organisational and business development. These studies have primarily considered senior managerial assumptions as part of the cognitive architecture of the firm, driving many developmental and growth processes of the organisation. This perspective of assumptions acting as intellectual assets of the organisation supporting the firm and its development is however largely absent from entrepreneurial and small business research. This is somewhat surprising given that research on the small firm suggests that entrepreneurs tend to operate on a …

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Corporate Parents, Initial Legitimacy, And Resource Acquisition In Small And Medium Firms: An Empirical Examination, Gregory Murphy, Neil M. Tocher Jan 2011

Corporate Parents, Initial Legitimacy, And Resource Acquisition In Small And Medium Firms: An Empirical Examination, Gregory Murphy, Neil M. Tocher

New England Journal of Entrepreneurship

Small and medium enterprises (SMEs) commonly struggle to acquire needed financial, human, and technological resources. The above being stated, recent scholarly research argues that SMEs that are able to successfully navigate the legitimacy threshold are better able to gather the resources they need to survive and grow. This article provides an empirical test of that claim by examining whether the presence of a corporate parent positively influences SME resource acquisition. Results of the study show that SMEs with corporate parents, when compared to like-sized independent SMEs, have higher credit scores, have more complete management teams, use more computers, and are …

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Global Challenges For Smes In Sri Lanka And Pakistan In Comparative Perspectives, S.W.S.B. Dasanayaka Jan 2011

Global Challenges For Smes In Sri Lanka And Pakistan In Comparative Perspectives, S.W.S.B. Dasanayaka

Business Review

The Small and Medium Scale Enterprises/Industries (SMEs) function as a lifeline in informal sectors of Pakistan and Sri Lanka due to their immense contribution in areas such as employment generation, exports, equitable income distribution, social stability, efficient domestic resources usage and regional development. However, a large number of SMEs in both countries are struggling to survive in today's global competitive market. Their sustainable growth is threatened by the impact and challenges of rapid globalization. Absence of any networking and cooperation among the SMEs and lack of linkages with large scale industries have aggravated these problems. In spite of the various …

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Understanding Sme Intention To Use The Internet For Managing Supplier Information, Kevin Celuch, Anna Walz, Carl Saxby, Craig Ehlen Jan 2011

Understanding Sme Intention To Use The Internet For Managing Supplier Information, Kevin Celuch, Anna Walz, Carl Saxby, Craig Ehlen

New England Journal of Entrepreneurship

There is strong consensus that the Internet has the potential to positively impact firms, and SMEs in particular; however, not all firms have realized benefits from adoption. The present study extends research in the area by addressing the need to examine the “chain” of variables explaining Internet adoption. We do this by exploring SME owner/manager Internet-related usefulness and ease-of-use cognitions and intention to use the Internet for supplier information management. We also explore the influence of behavioral norms and two broader strategic perspectives, market and learning orientation, on the Internet-related cognitions. Findings have implications for researchers and practitioners by identifying …

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Alternative Investment Market: Assessment And Proposals For Its Deepening From The Perspective Of Small And Medium Enterprises, Andrea Patricia Alba Molina, Nydia Remolina Leon Dec 2010

Alternative Investment Market: Assessment And Proposals For Its Deepening From The Perspective Of Small And Medium Enterprises, Andrea Patricia Alba Molina, Nydia Remolina Leon

Research Collection Yong Pung How School Of Law

Resolution 400 of 1995 – whose provisions are now included in decree 2555 of 2010 – regulated the Second Market through the establishment of certain requirements aimed at facilitating the access and permanence of SMEs as issuers in the Colombian securities market. Notwithstanding the above, in the latest list of offerings authorized by the Superintendence of Finance addressed to the Second Market, it was found that there are no issuers that fall within the legal concept of SME. Considering such circumstance, the purpose of this study is to assess the current status of the Second Market, both in Colombia and …

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Tao Of Downfall: The Failures Of High-Profile Entrepreneurs In The Chinese Economic Reform, Wenxian Zhang, Ilan Alon Jan 2010

Tao Of Downfall: The Failures Of High-Profile Entrepreneurs In The Chinese Economic Reform, Wenxian Zhang, Ilan Alon

Faculty Publications

Through historical reviews and case studies, this research seeks to understand why some initially successful entrepreneurs failed in the economic boom of past decades. Among various factors contributed to their downfalls are a unique political and business environment, fragile financial systems, traditional cultural influences and personal characteristics. Notwithstanding that these factors should be further tested through empirical studies, those high-profile entrepreneurs are oblivious but essential actors in the grand theatre of China's economic transformation and their failures have contributed to the swift development of the Chinese entrepreneurship over the last 30 years.

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Smes And Poverty Alleviation In Nigeria: Marketing Resources And Capabilities Implications, Olalekan U. Asikhia Jan 2010

Smes And Poverty Alleviation In Nigeria: Marketing Resources And Capabilities Implications, Olalekan U. Asikhia

New England Journal of Entrepreneurship

This article seeks to identify the mediating role of marketing resources and capabilities in small and medium enterprises (SMEs)—poverty alleviation relationship. A qualitative approach of conceptualization of the interconnectedness of the major variables of the study is undertaken. Despite several development programs of SMEs and poverty alleviation, the poverty level of Nigerian SMEs has dragged with incidence of high SMEs failure. Marketing resources and capabilities are suggested as probable missing links between SMEs and profitable exchanges that lead to wealth creation, thus alleviating and eradicating poverty. While empirical study in this direction is vital, the current conceptual model shows that …

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A Proposed Methodology To Promote Adoption Of 'Green' Production By Small Firms, Elizabeth Walker, Janice Redmond, Margaret Giles Jan 2010

A Proposed Methodology To Promote Adoption Of 'Green' Production By Small Firms, Elizabeth Walker, Janice Redmond, Margaret Giles

Research outputs pre 2011

Small firms are critical to all economies but also have a significant negative impact on the environment. Their collective footprint equates to 60% of industrial pollution yet small firm owner-managers are not convinced of the necessity for behaviour change. This paper develops a proposed methodology to engage small firm owner-managers in 'green' production, in particular adoption of energy saving and waste recycling practices. This methodology includes a suggested approach to determining the 'tipping point' for the investment of time and resources by small firms. The paper argues that knowing the 'tipping point' and making a realistic business case should encourage …

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The Development Of Informal Sector Small And Medium Scale Enterprises Through Formation Of Cluster And Networking: A Case Study Based On Sri Lanka And Pakistan, S.W.S.B. Dasanayaka Jul 2009

The Development Of Informal Sector Small And Medium Scale Enterprises Through Formation Of Cluster And Networking: A Case Study Based On Sri Lanka And Pakistan, S.W.S.B. Dasanayaka

Business Review

In recent years Pakistan has faced a rapidly growing services sector which has lead some observers to believe that there is a transfer of resources occurring in Pakistan from the tradable to the non-tradable sector, hence causing the Dutch Disease in the economy. However no precise response has been offered on this subject. This paper seeks to provide empirical evidence on the question of the existence of Dutch Disease in Pakistan by using Linda Kamas's model on Dutch Disease. The percentage change in the growth of the tradable and the non-tradable sectors in Pakistan is calculated by using data from …

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Going Global: Factors Influencing U.S.-Based Smes’ International Market Access, Jayati Ghosh, Denise Lucy, Françoise Lepage Apr 2009

Going Global: Factors Influencing U.S.-Based Smes’ International Market Access, Jayati Ghosh, Denise Lucy, Françoise Lepage

Collected Faculty Scholarship

Globalization promotes vast business opportunities for trade, flow of capital, ideas, and people. In order to integrate into the global economy, countries tend to promote policies, which in turn, help to remove barriers to the flow of investment, goods, and services. While there is ample information describing how multinational corporations have benefited from globalization through greater access to international markets and investment, there is a need to identify ways to unburden small to medium-sized enterprises so that they can reach their potential in the global economy. Barriers vary across business sectors. However, there are fundamental impediments that prevail, in general. …

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Factors Affecting Business Success Of Small And Medium Enterprises (Smes) In Bangladesh, Muhammad Aminul Islam, Ejaz Ahmad Mian, Muhammad Hasmat Ali Jan 2009

Factors Affecting Business Success Of Small And Medium Enterprises (Smes) In Bangladesh, Muhammad Aminul Islam, Ejaz Ahmad Mian, Muhammad Hasmat Ali

Business Review

The concepts of cluster and networking emerged in 1960s in Small and Medium Scale Enterprises (SMEs) literature but the formation of SME clusters and networking is a very new strategy for Sri Lanka started in 2001 and Pakistan started in 2003. But it shows some positive sign of growth by increasing competitiveness of SMEs by opening-up new opportunities due to good innovative networking, common facility usage and collective efficiency of economies of scale, scopes and synergies, etc. The problem of many SMEs in both countries is not their size, but being isolated and working in enclave nature, therefore SMEs individually …

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Strategic Flexibility And Smes: The Role Of Information Technology For Managing Internal And External Relations, Stephen K. Callaway, Kevin Celuch, Gregory B. Murphy Jan 2009

Strategic Flexibility And Smes: The Role Of Information Technology For Managing Internal And External Relations, Stephen K. Callaway, Kevin Celuch, Gregory B. Murphy

New England Journal of Entrepreneurship

The purpose of the current study was to assess the impact of information technology on strategic flexibility for small- and medium-sized enterprises (SMEs). Results of the study show that under conditions of low environmental dynamism, IT capabilities are associated with greater reactive strategic flexibility. Specifically, IT capabilities enabling the management of internal activities was significant. Under conditions of high environmental dynamism, IT capabilities are associated with greater proactive strategic flexibility. Specifically, IT capabilities enabling the management of competitor information was significant. Managerial as well as future research implications are discussed.

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A Review Of Interventions To Encourage Smes To Make Environmental Improvements, Craig M. Parker, Janice Redmond, Mike Simpson Jan 2009

A Review Of Interventions To Encourage Smes To Make Environmental Improvements, Craig M. Parker, Janice Redmond, Mike Simpson

Research outputs pre 2011

Small and medium sized enterprises (SMEs) are an important part of the world economy but they are thought to be responsible for around 60% of all carbon dioxide emissions and 70% of all pollution. SMEs often have major problems with limited resources, limited knowledge and limited technical capabilities to deal with their own negative environmental impact. SMEs exhibit widely differing characteristics and commitment where environmental issues are concerned. Yet under these conditions they are all expected to engage in environmental improvement. Interventions that encourage environmental improvement are often polarised between regulation and legislation at one extreme and voluntary environmental agreement …

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Smes In Globalized World: A Brief Note On Basic Profiles Of Pakistan’S Small And Medium Scale Enterprises And Possible Research Directions, Sarath W.S.B. Dasanayaka Jan 2008

Smes In Globalized World: A Brief Note On Basic Profiles Of Pakistan’S Small And Medium Scale Enterprises And Possible Research Directions, Sarath W.S.B. Dasanayaka

Business Review

The Small and Medium Scale Enterprises (SMEs) are playing very significant role in almost all the economies around the world in irrespective of the countries development stage. However it is obvious that SMEs function as a lifeline in informal sector in Asia, Africa, Latin America and Eastern Europe due to their contribution to overall economy in many aspects such as employment generation, exports, tax income, innovation, competitiveness, equitable income distribution, social stability, domestic resources usage, regional development and ultimately it is the main source of economic growth. The Pakistan is no exception to this phenomenon as a developing country located …

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Employing Social Capital By Small & Medium Enterprises To Bear Fruit From Wireless Communications, Abdelnasser Abdelaal, Mehruz Kamal, Peter Wolcott May 2007

Employing Social Capital By Small & Medium Enterprises To Bear Fruit From Wireless Communications, Abdelnasser Abdelaal, Mehruz Kamal, Peter Wolcott

Information Systems and Quantitative Analysis Faculty Proceedings & Presentations

Wireless and mobile communications can save Small and Medium Enterprises (SMEs) significant time, money, and effort due to the mobility, flexibility, and ease of use mobile devices provide. SMEs that use such innovations can improve productivity, decrease costs, and enhance the quality of the business process. Lacking technical skills and financial resources, SMEs need special support from local communities and governments in order to survive the severe competition of big chain stores. This paper proposes a model for SMEs to adopt new innovations—those of wireless communications—by employing social capital. We have used a case study approach to show that social …

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Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji Oct 2006

Proof Of Concept Fund Approach To Small And Medium Enterprise Franchising And Marketing Research Findings., Omolara O. Akanji

Bullion

Over the past 20 to 25 years small scale enterprises have exploded in the informal sector of the Nigeria's businesses. The informal sector study (CBN, NISEK 2000) showed that over 25,000 small scale enterprises were in existence in the agro industrial production sector of the economy during the year 2000. This paper proffers a model of funding called "Proof of Concept Fund" as a bridging credit facility to research institutes and small scale industrialist who would want to patent/franchise budding research findings to commercialization. The study reveals that there are substantial empirical studies of countries that have used the Proof …

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Assessing The Success And Evaluating The Benefits Of Government-Sponsored Regional Internet-Trading Platforms For Small And Medium Enterprises: A Western Australian Perspective, Denise E. Gengatharen Jan 2006

Assessing The Success And Evaluating The Benefits Of Government-Sponsored Regional Internet-Trading Platforms For Small And Medium Enterprises: A Western Australian Perspective, Denise E. Gengatharen

Theses: Doctorates and Masters

The Internet has been viewed as an opportunity for small and medium enterprises (SMEs) to efficiently compete in the global arena with their larger counterparts by overcoming distance and size. However, research has shown that actual uptake of Internet e-commerce by SMEs has been lagging behind that of larger companies. Fearing a growing digital divide between large companies and SMEs, some governments have taken specific measures to encourage SME participation in ecommerce. One of the more direct government initiatives to hasten the progression of SMEs on the e-commerce adoption curve is the creation, sponsorship and management of regional Internet trading …

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Collaboration Among Smes As A Mechanism For Innovation: An Empirical Study, Mario J. B. Franco Jan 2003

Collaboration Among Smes As A Mechanism For Innovation: An Empirical Study, Mario J. B. Franco

New England Journal of Entrepreneurship

The interest for collaboration among small and mediumsized enterprises and innovation has been highlighted, in recent times, due to the acceleration of technological changes and to increasing international competitiveness. Many small firms, with rigid structures and weak entrepreneurial dynamics, experienced difficulties in becoming innovators. Some of these firms can adopt collaborative agreements because these relationships enable them to get the necessary innovative activities, know-how, and exploit opportunities, which they cannot achieve alone. This study examines the motives for the formation of collaborative agreements in industrial Portuguese SMEs and presents some empirical evidence concerning collaboration as an important vehicle for the …

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Marketing Orientation In Smes: Effects Of The Internal Environment, Richard C. Becherer, Diane Halstead, Paula J. Haynes Jan 2003

Marketing Orientation In Smes: Effects Of The Internal Environment, Richard C. Becherer, Diane Halstead, Paula J. Haynes

New England Journal of Entrepreneurship

Marketing orientation refers to a culture in which organizations strive to create superior value for their customers (and superior performance for the business) by focusing on customer needs and long-term profitability. Some studies have found that firms with a high degree of marketing orientation experience improved performance; others have found mixed or nonsignificant results. The marketing orientation of small businesses has not been thoroughly investigated, however. This study of more than 200 small business CEOs examines the marketing orientation levels of small to medium-sized firms (SMEs) as well as the impact of various internal variables (sales/profit performance, company characteristics, and …

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The Region And The Smaller Enterprise: A Discussion Of Appropriate Investigative Methodologies, Ian Pownall Jan 2003

The Region And The Smaller Enterprise: A Discussion Of Appropriate Investigative Methodologies, Ian Pownall

New England Journal of Entrepreneurship

Regional policy instruments are typically driven by economic rationales, from either a firm or industrial perspective. Yet too often, these rationales are taken as ex ante to the contexts within which firms and industries compete. Recent regional development research has urged a better link be developed between the individual, the firm, and their context, so as to understand the role of regions in supporting effective competitiveness of organizations. In this article, recent research themes are explored that may shed light on the nature of this relationship and that can be developed into an investigative methodology that could aid policy practitioners …

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Small And Medium Enterprises In Singapore And The New Economy, Boon Chye Lee, Wee Liang Tan Jan 2002

Small And Medium Enterprises In Singapore And The New Economy, Boon Chye Lee, Wee Liang Tan

Research Collection Lee Kong Chian School Of Business

From its earliest days as a British outpost, Singapore has relied heavily for its economic survival on its position as an entrepot trading centre. In the first decades after independence in 1965, economic strategy was focused on building infrastructure, attracting foreign direct investment, and export-led growth. The political commitment to openness in both trade and capital — and, more recently, labour — is one of the key features of a strategy that has delivered remarkable returns in terms of the economic well-being of the people of Singapore. Between 1961 and 1996 GDP per capita grew at an average rate of …

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