IH Globalization Strategies used by Singapore to survive globalization Knowledge based economy (KBE) High value added (goods and

nd services) Medicine Silicon chips Wafer strips CGI animation Education and training a skilled and motivated workforce st 21 century skills Critical thinking/problem solving Independent and adaptive workers Diversification of economy New industries create and provide new jobs Replace old ones e.g. assembly line mode of production F1 motorsports Healthcare Education Integrated resorts 60,000 new jobs Upgrade of job skills Workforce agency Job training to enhance the employability of a worker Venture abroad Invested into overseas economy Da Lian, Su Zhou, Shanghai, Cheng Du Foreign Talent Highly-skilled individuals Knowledge to share breakthroughs into new markets/industries Nurture small and medium enterprises E.g. Gongcha, Old Chang Kee Strongest will survive Government protects small and medium enterprises So that they will not be eaten up by MNCs/TNCs Development and improvement of infrastructure and financial society Less time on transport, more time on making profits (infrastructure) Ranking speed is important in trade Gives Singapore a competitive edge when it comes to attracting foreign direct investment Effects of Globalization

Positive

Negative

Greater access to a global market Social: Increase in economic Loss of traditional culture and

growth, increase in profit earned through services and goods sold dependent on the nature of the goods manufactured (high value-added goods)

sense of local identity Globalized citizen Moral decadence Western liberalization (homosexuality, same-sex marriages) Economic: Exploitation of third world countries (SSA, South America, Asia) Developed nations will always exploit developing nations

1960s: Labour intensive (Human resources)

1970s 1980s: Capital intensive

1990s : KBE