A Comparison On Economy Modernization Of Hong Kong And Singapore (1971-1990)

In the 1970s and the 1980s, two of the Four Asian Tigers, Hong Kong and Singapore, were often talked about because of their common British colonial backgroud and similar social and geographical characteristics. As far as economy modernization is mentioned, they two has showed different ways. They differ vividly in economic theories. The government of Hong Kong advocated the"laisser faire"thoughts. Singapore is an example of the government-centered pattern. This is because of the fact that the two share different political and economic conditions, and the way they responded to the changes of the global economy. They also differ in the conditions of modernization. As a result of the two differents, they share little in strategies and regimes of modernization. Both of them take the export-oriented strategy. Singapore underwent an import-substitute stratey while Hong Kong did not. Singapore attached great importance to technology and talents than Hong Kong did.The government of Hong Kong hardly governed the economy, only if there was a nessarity, it would not intervene the economy. The government of Singapore is a good example of the East Asian authority governments. It did a lot for the development of the country, but it let go of the financial development. In the 1990s, both of them had reached lots of achievements, and they almost finished economy modernization. We can make a conclusion from their achievements that they had a win-win result.