Growth strategies of small nations : with special reference to Ireland, Finland and Singapore

Abstract

This thesis is based on the premise that small nations face unique challenges in the quest for economic prosperity. They have a small domestic economy and are more dependent than larger economies on international trade. Smallness typically entails a lack of breadth and depth in the national supply of capital, talent and knowledge. The development paths of three successful small nations - Ireland, Finland and Singapore - are analyzed to see how they overcome these unique challenges. Similarities and differences in their development strategies are examined. The typical model for assessing the microeconomic competitiveness of nations only looks within the national boundaries of an economy. In the context of a globalized world economy, it is appropriate to extend the model outside of national borders. Small nations that successfully tap on external markets, international flows of goods and services, and the global circulation of capital, talent and knowledge have bright prospects in a globalized knowledge economy.