CONTENTS -- FOREWORD -- CONTRIBUTORS -- PART 1 ECONOMIC CRISIS MANAGEMENT -- Chapter 1 THE NATIONAL WAGES COUNCIL (NWC) AND MACROECONOMIC MANAGEMENT IN SINGAPORE -- FIVE CRISES -- NATIONAL WAGES COUNCIL -- TRIPARTISM AND FLEXIBLE WAGE SYSTEM -- INDUSTRIAL HARMONY -- TRAINING AND RETRAINING -- THE FIRST CRISIS -- NWC RESPONSE -- THE THIRD CRISIS -- REFERENCES -- APPENDIX -- Chapter 2 UNPREPAREDNESS IN THE GREAT RECESSION -- FISCAL FINANCE -- DIFFERENT METHODS OF FINANCING DEFICITS -- THE US METHOD OF DEFICIT FINANCING -- FISCAL SPENDING -- JAPAN AND USA COMPARISON -- THE LEADING INDICATOR -- THE FURTHER ROAD AHEAD -- REFERENCES -- APPENDICES -- Appendix 1: Global Stock Market Indices % Change from 31 December 2008 (in US terms, 1 July 2009) -- Appendix 2: Global Budget Balances % of GDP 2009 -- Appendix 3: Global Interest Rates (three-month latest) -- Chapter 3 WHY ARE FINANCIAL CRISES SO COSTLY? -- INTRODUCTION -- BANKS AS FINANCIAL INTERMEDIARIES -- BANK FAILURE AND BANK RUNS -- BANKING CRISIS -- IMPACT OF BANKING CRISIS ON ECONOMIC ACTIVITY -- CURRENCY OR EXCHANGE-RATE CRISIS -- CONCLUDING REMARKS -- REFERENCES -- Chapter 4 A CASE FOR SELECTIVE CAPITAL CONTROL -- BALANCE OF PAYMENTS -- Balance of Visible Trade -- Balance of Invisible Trade -- Current Account Balance -- CAPITAL CONTROL ITEMS -- CAPITAL CONTROL PREPAREDNESS -- TWO MONEY VALUES -- INTERNATIONAL GOLD STANDARD -- GOLD EXCHANGE STANDARD -- THE THREE CRISES -- CAPITAL CONTROL AND GDP GROWTH -- CHINA, INDIA, AND VIETNAM -- USA AND CAPITAL CONTROL -- FINANCIAL CENTRES -- RESERVES AND SWAPS -- FINAL JUDGEMENT -- REFERENCES -- PART 2 PUBLIC POLICIES AND OTHER ECONOMIC ISSUES -- Chapter 5 COMPETITION POLICY AND LAW IN SINGAPORE -- INTRODUCTION -- COMPETITION LAW IN SINGAPORE -- Scope of the Act -- MAIN FEATURES OF SINGAPORE'S COMPETITION ACT -- Anti-Competitive Agreements.

Abuse of a Dominant Position -- REGULATORY PHILOSOPHY -- Focus on Anti-Competitive Behaviour with Appreciable Adverse Effect -- Due Consideration Given to Whether Anti-Competitive Activity Generates NEB -- Emphasis on Self-Assessment -- Balancing Advocacy with Strict Enforcement -- Independent Appeal Mechanism -- Cross-Sectoral Cooperation -- CONCLUSION -- Chapter 6 HEALTHCARE: CONTAINING COST WITHOUT COMPROMISING QUALITY -- INTRODUCTION -- GOVERNMENT INTERVENTION IN THEORY AND PRACTICE -- HEALTHCARE DELIVERY IN SINGAPORE -- Restructuring of Government Hospitals -- Polyclinics -- Community Hospitals -- Role of CPF and Healthcare Insurance -- Role of Employers via Employee Medical Benefits -- Government Medical Subsidies for the Poor -- How Doctors and Hospitals are Assessed and Remunerated -- E-Health Record System -- Healthy Lifestyle -- Economic Healthcare Strategy -- CONCLUSION -- REFERENCES -- APPENDIX 1 -- Chapter 7 ECONOMICS OF TRAINING: MARKET FAILURE AND GOVERNMENT INTERVENTION -- MARKET FAILURE -- SOLVING THE PROBLEM OF MARKET FAILURE -- THE SDF -- TRAINING OF OLDER WORKERS IN THE INFORMAL SECTOR -- TRAINING OF YOUTH WORKERS -- INSTITUTE OF TECHNICAL EDUCATION, ITE -- CONCLUSION -- REFERENCES -- Chapter 8 A REVIEW OF THE US-SINGAPORE FREE TRADE AGREEMENT -- INTRODUCTION -- RATIONALE AND DEVELOPMENT OF USSFTA -- SINGAPORE-US FTA - FIVE YEARS ON -- Trade in Goods and Services -- Trade in Services -- Investment -- Intellectual Property Rights -- CONCLUSION -- REFERENCES -- Chapter 9 STATE CAPITALISM IN SINGAPORE -- INTRODUCTION -- THE BEGINNING OF STATE CAPITALISM IN SINGAPORE -- TEMASEK HOLDINGS - THE HOLDING COMPANY -- CRITICISMS OF STATE CAPITALISM -- Inefficiency of SOEs -- Competition Between SOEs and POEs -- EMPIRICAL STUDIES ON SOEs -- Profitability and Efficiency -- Market Valuation -- Ease of Access to Credit.

WHY DOES STATE CAPITALISM WORK IN SINGAPORE? -- EVOLUTION OF GLCs IN SINGAPORE -- Corporatisation, Privatisation, and Divestment -- Regionalisation and Globalisation -- NEW FACE OF STATE CAPITALISM -- REFERENCES -- Chapter 10 GROWTH, OPPORTUNITY, AND INEQUALITY: SOME EMPIRICS FROM SINGAPORE -- INTRODUCTION -- CAUSES OF INCOME INEQUALITY IN SINGAPORE -- PAST STUDIES ON SOCIAL MOBILITY IN SINGAPORE -- NEW EMPIRICS ON SINGAPORE -- DEMAND AND SUPPLY OF SOCIAL MOBILITY -- THEORETICAL IMPACT OF POLICIES AND TRENDS -- Liberalisation of the Education Industry -- Population Expansion via Skill-Biased Immigration -- Damage of Family Disruption -- CONCLUSION -- REFERENCES -- Chapter 11 ARE FINES COMPATIBLE WITH BUILDING A TRULY FINE COUNTRY? -- THE NEOCLASSICAL VIEW: A FINE IS A PRICE, AND EVERYTHING HAS A PRICE -- THE BEHAVIOURAL VIEW: A FINE IS A PRICE, BUT PRICES HAVE UNINTENDED EFFECTS ON BEHAVIOUR -- THE SINGAPORE CONTEXT: COULD FINES ERODE THE SOCIAL BASIS FOR A FINE CITY? -- CONCLUSION -- REFERENCES -- INDEX.