Although the damage wrought to date has yet to reverse the underlying global economic recovery, a huge number of businesses engaged in US-China trade are suddenly finding themselves under untoward pressure.
Change and uncertainty in the Indo-Pacific: We live in uncertain times. Many of our assumptions founded on the international rules-based order that evolved after World War II, now appear less certain.
Globalisation has brought great prosperity to millions of people around the world, yet is under challenge from rising protectionist sentiment in some countries.
In this time of uncertainty and developing pessimism, history can be a guide. The Singapore experience, for example, is instructive. Singapore has often been buffeted by the winds of change, perhaps more keenly than other nations, and has experienced the highs and lows of international developments.
Rather than being a day of celebration which is common when countries attain independence, many Singaporeans felt anxious and uncertain as to their future. Australia was the first country to recognise Singapore just nine days after independence.
At the early stages of its industrialisation, with few natural resources including a lack of drinking water that was imported from Malaysia, I am sure Singapore had its doubters.
It was a time when the region and the world was on edge - a restless place and apprehensive time. Incommunism was in ascendency in many places - an ideology on the march. While the Soviet Union and China viewed each other as rivals, they viewed the West as a common enemy and believed Southeast Asia was there for the taking.
Past events are a reminder that every generation carries with it the belief that they are entering a period of immense change and uncertainty - that their time is one of great historical significance.
This conviction is only sometimes warranted. There have been times of great revolution through technological change, political upheaval or both. Change and uncertainty will always be with us. Competition is ever-present and relentless.
In every age, decisions we make can lead us to a better place or toward catastrophe at the other end of the spectrum.
It is how we respond to the winds of change and choose to compete that ultimately decides our fate and that of others. While we should remain clear-eyed about the challenges, I believe there is reason for us to be optimistic about our future in the Indo-Pacific.
Our region has gone through dark days and come out of them remarkably well.
We should embrace change rather than fear it. Consider economic globalisation which has been made possible because of the technological advances that we have witnessed over the past few generations. The world is growing ever smaller.
The capacity to send large amounts of information across the world at the speed of light means communication is instantaneous. Cloud technology means we can access any and all information we have stored from virtually any location in the world. Decisions made in a boardroom in New York, Frankfurt, Tokyo or Singapore will have a significant impact in other parts of the world.
Those with funds to invest can easily deploy them anywhere in the world to maximise return. If their capital is not welcomed — or more welcomed elsewhere — they can recall it almost as quickly.
From a computer terminal in London or Shanghai, they can buy or trade almost anything in all corners of the planet. Advances in transport, logistics, engineering and fuel efficiency means it now costs about two-and-a-half cents to transport a small package on a super-tanker from the US to any port in Asia.
A machine in one part of the world can communicate intelligently and work with others around the world in real time. Far from resisting technological progress and change, our region welcomed these marvellous advances as a way to rapid economic growth and continues to do so.
In the last century, they made products for export cheaper, faster and more reliably than any other part of the world. China and later Vietnam, Indonesia and Bangladesh have since joined this group.
India and Myanmar should be next. No-one should begrudge any country the ambition to lift its people out of poverty. On a GDP per capita basis, Japan is times more prosperous than when it regained full sovereignty in nation of the law of the World Trade Organization and a clear introduction to Cape Town, Singapore, São Paulo, Delhi, Dubai, Tokyo Cambridge University Press The Edinburgh Building, Cambridge CB2 8RU, UK Published in the United States of America by Cambridge University Press, New York Economic globalisation: a blessing or a curse?
9 1. This website, brought to us by the National Heritage Board in Singapore, offers trails for one to discover’s Singapore’s heritage and look into the history of the country. This website reminds us, Singaporeans and foreigners alike, that there is much more to Singapore .
FRANKFURT (Reuters) - Home appliances maker Qingdao Haier Co Ltd (SS) on Friday announced that it would move ahead with plans to sell up to million so-called D-shares in Frankfurt. For many countries including Singapore, globalisation is not a matter of choice but necessity.
3 However, before we cast our eyes and minds beyond the horizon, let us pause for a while to look back at the recent dark clouds hovering our skies. Dear Toby and Tara, You will be 54 and 50 years old, respectively, when Singapore celebrates its th anniversary in If the last 50 years is a guide, you will probably experience as many.
The Social Innovation Festival (SIF) Hackathon is a 2-day event where participants find a sustainable tech solution for pressing social issues in Singapore under the partnership of industry leaders and venture metin2sell.com: Yale-NUS College Class of