Monday, February 6, 2012

Industrial Restructuring

Why was Singapore disadvantaged
-Labour shortage compared to other countries
-Workers’ salaries increased, leading to a rise in cost in goods produced
-Results in Singapore made goods becoming more expensive. Resulted in a fall in demand for Singapore made goods

In 1968, foreign workers were brought into Singapore to ease shortage of jobs as they are cheap and require low salary
In 1970, there are many developing SEA neighbours such as Malaysia
In 1979, shifted labour-intensive industries to High-tech industries, e.g. chemical, aeroplane parts

-Higher wages
-Productivity campaigns
-Focus on Education and skills training
-Emphasis on research and development
-New and better industrial facilities
-Better support service

Higher Wages
            -Act as an incentive -> encourage upgrading with higher wages as a reward
            -Lesser worker as machines are needed and few workers is sufficient
Productivity Campaigns
            -The government encourages workers to take pride in their work
            -Done through advertisement
            -Expanded institutions
            -Provided subsidies for workers who are re-training
Emphasis on R&D
            -JTC constructed the Science Park to encourage R&D
            -In order to remain competitive, more research was needed to upgrade the technology
New and better facilities
            -JTC build many buildings to encourage people to invest
            -Different infrastructures were built to cater to different needs
Better support services
            -Public transport -> e.g. MRT
            -Telecommunication systems were set up
            -Government provided monetary support

-Impact of economic success on people
-Consequences of planning and foresight
-Economic development has strengthened both society and security of the nation
-Ability to adapt to new situations

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