Penang's economic fate: A tale of three cities

By Chuan Huan Chiang

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CHARLES DICKENS ASIDE, there was another A Tale of Two Cities told by Alwyn Young, about economic growth in Singapore and Hong Kong. They are two of four Asian tigers (the other two being South Korea and Taiwan) —newly industrialised economies or NIES that recorded the highest rate of growth per capita in the world from 1960 to 1985.Singapore and Hong Kong were British colonies that had similarities in economic structures and institutions. They are open economies that depend highly...

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Chuan Huan Chiang

is a senior research fellow at the Socio-Economic and Environmental Research Institute (SERI).