– The purpose of this paper is to examine the economic development in Singapore, Hong Kong and Macao to find the reasons for the success.
– Applying economic development theories and using archival data to examine the development strategies of the three economies.
– There is no single model suitable for economic development for all, and small economies need to be strategically interventionist by either inducing development or balancing the disequilibria caused by development.
– This is the first comparative study to examine these three fast-growing small economies. The findings lend insight into Hirschman’s theory of unbalanced growth and Stiglitz’s assertion that different economies and conditions require different development strategies.
