Asian Economic Development Essay Example | Topics and Well Written Essays - 2750 words

Asian Economic Development - Essay ExampleTo agnise these would bring clarity to the phenomenal success of this unique and dazzling city-state.The early 19th century saw the British expanding their dominions in India. It was also the time of growing hatful with China, primarily for the precious tea want by the British market. The extensive route that British merchandisermen had to follow led them into territorial waters henpecked by the Dutch and their East Indies colonies in Malayana. Malay pirates also roamed the route which made the British go through isolated and their position precarious in the region. It was important for Britain to open a port that could refit, revitalize, and protect its merchant vessels. Aside from the need to secure their mercantile fleets and their cargo, Britain was also looking for ways to check Dutch enlargement in Southeast Asia. Thus, The G all overnor-General of India, Lord Hastings, instructed Sir Stamford Raffles to establish a trading stat ion on the gray tip of the Malay Peninsula. Raffles chose the island of capital of Singapore (Flower 1984).Raffles thought of ways to establish British hold fast and attr... Thus, Singapore was snatched by the British from right under their noses. To attract betrayrs which were already engaged in Dutch ports, he made Singapore into a free port. Traders could come and sell their goods without paying tariffs or taxes. This attracted Malay and Chinese tradesmen and all sorts of goods flooded into the island. Settlements grew and soon, free trade and strategic location transformed Singapore into a major centre for commerce in the region.Trade continued to flourish and what used to be a simple fishing grew as a free port espousing free trade, welcoming traders from all over the region. Singapore became a Crown colony after the Second World War in 1945. In 1959, it was granted self-government and joined Malaysia in September 1963. However, differences between leaders brought about sepa ration and Singapore became an independent nation in 1965 (History of Singapore 2006). To date, Singapores location, harbour and free port remain as its arduous geographic advantages. With a small land area and population, the country is dependent on internationalist trade which is much lager than its house servant market. In fact, as it recovered from the Asian financial crisis in 1988, its international trade was thrice its domestic earnings. This strength also proves to be its vulnerability, since its dependence on international trade also makes it sensitive to the fluctuations in the international market. As the country responds well to periods of growth and prosperity, minor controvert developments in international trade can also result to major recessions in the Singaporean economy. Although domestic leadership and policies try to mitigate the effects of a constantly