Skip to main content

Posts

Showing posts with the label “economic development”

Quote of the Week: The Main Task of Imperialism

The main task of imperialism in our time is to prevent, or, if that is impossible, to slow down and control the economic development of underdeveloped countries.  While there have been vast differences among underdeveloped countries. The underdeveloped world as a whole has continually shipped a large part of its economic surplus to more advanced countries on account of interest and dividends. The worst of it is, however, that it is very difficult to say what has been the greater evil as far as the economic development of underdeveloped countries is concerned: the removal of their economic surplus by foreign capital or its reinvestment by foreign enterprise. — Paul Baran, The Political Economy of Growth, 1957

What About Singapore?

Someone has just mentioned Singapore comparing its economic development with some Arab countries. So, I felt I should add a note to an old post . Referring to a capitalist country with a small population  – 2 million in 1970 and 2.4 million in 1980 when  Singapore’s economic development was apace – is not a good way of comparing countries. “ Only 7  years after its independence (1972), Singapore had become a  foreign investment magnet .  More than one-fourth of Singapore's manufacturing firms partnered with or were owned by a foreign entity.  The majority  of the investors came from the United States and Japan.  The country also achieved a  double-digit economic growth rate every year.” For internal and external reasons countries like Tunisia (the one my interlocutor compared to Singapore), Morocco, Syria and Egypt did not enjoy such foreign funding.  In 2022, Singapore was ranked 139th out of 180 nations by  Reporters Without Bord...