Michael Pillsbury 100-year marathon Where does he gets his insights from? Need to evaluate, what you’re supposed to do when you’re evaluating Lee Khuay Khiang Khuaykhiang@gmail.com 97342351 What are you supposed to do for evaluation? Investigate, Intermediation, !!Insights!! (Come from us) Don’t ask him for sample answers. No point. Liberalist. Neo Liberalism (Collective action.) There will have rules that makes people microbic. Globalisation is a myth, a textbook theory. Mercantilism, Liberalism, Marxism Projects Distil a situation, distil the concepts of liberalism. YALTA would tell many reasons why Singapore should never join Malaysia again. We should be autonomous and maintain greater connectivity with Malaysia but never join back with him. 1946 WTO, IMF, WB, UN Crash vs Melt Melt = People still think govt is good while economy crashes. Jobs lessening. Most people would be under contract work. No more Free Trade Agreement, a FORCED Cold War. (They allow Russia to invade Ukraine, and see how China performs and see how NK provides armouries to Russia) Crash = A sudden, severe downturn in economic activity marked by a significant decline in Gross Domestic Product (GDP), widespread unemployment, and financial instability. Who is Singapore Siding with? Singapore and UK elevating ties for ‘Strategic Partnership’. UK sides with US. Singapore and Vietnam eyes comprehensive Strategic Partnerships. (allies) Vietnam VS China. Singapore calls for Govt-Govt (Develops with State govt, no more Jack Ma/Private Insurance companies) Project. We are not gonna invest in private sector anymore. According to military protocol, getting out of China for now, but soon we will come back if Deng Xiao Ping 2 comes back. They are going to Vietnam. When a country grows continuously, money will leave. Nothing lasts forever. Property Sector was 30% of China’s Economic Growth. Entering a Financial Crisis soon. Asia Currency VS BPS VS USD, Asia Currency is at an all time high. 0 sum game, another one coming. Someone losing property. Money only sees Margin. Very soon Britain will be a great power again. In exam there will be a question of Globalisation. Need to provide a comprehensive Knowledge of Key Concepts Two sides of the story Politics and Economics, States and Market. Exams, 1000 words limit. First Principle, States and Markets When doing evaluation must be based on 3Is. I nterest (Alignment of National Interest) I deas (Develop Ideas after Interests are aligned) I nstitutions (WTO,IMF,UN,WB) Russia likely not trust in China. Due to China siding more with America. Trump card for Russia is India because China supports Pakistan. China as a regional power, will not sustain. Self interest first then comes the idea. So when China joined WTO, the modern theory of modernisation, democracy will come. But after 10 years, consolidation of power came up. 2015, official consolidation of power happened. Xi JInPing changed the rules where XiJingPing will stay general secretary until his death. Business in China is relationship based, so intellectual property rights will never be implemented in china. State : Realm of Collective action and decision. The state will always struggle. The job of a politician is to struggle so never be a politician. Stay there 5 years you might wanna quit. It’s not easy being a politician. Collective Action is a skillset that all states must have although specifics differ. Singapore is a rules based society/economy. When rules are knocked down, new rules are formed. Refer Covid-19. But moral aspect of Singapore’s rule-based society, is the morality fitting towards society’s values? Singaporeans are transactional, critical. Lack of morality? Embrace people from all over the world because they have different morals hence why Singapore is Rules-Based. So the main racial tension, are mainly the clash of different morals. Collective action can bring about stability but it does not promise stability. Promises of Liberals 1. Based on Justice 2. And Equality IMF decides the pay grade of everyone. Questionable morality due to inequality. We are concerned about driving growth but less concerned about equality. Morality from his pov, is basically as more people are included in the development, able to catch up then there is morality. (Removed all farms in Singapore) The farmers were very rich, they lost their land their childrens futures. Is it moral? No. But we pushed industrialisation. But we did not give them opportunities. Lack of morality but for the good of Singapore. Hence there is inequality. To be moral, policies should prepare people for the next big thing. Sustain structure to maintain stability. But those left behind would have no choice for a better life. Debt to GDP ratio 117% 2023 (Singapore) It means we are spending more than we have. Tells us that we are very focussed on credit worthiness. Credibility. Based on income can buy goods. Higher income = more credit worthiness = Buy more stuff But there is something that is lacking. We will think that 600k still possible. But we should not spend that much if we don’t already have a good base. Financial Literacy is very important, which means a person should have the least loans as possible. But this is not happening in Singapore. Govt is rolling out more Bonds, and that singaporeans cannot know the reserves. Once we cannot pay the interest of the debt, everything will unfold very quickly. When you go out and work first thing focussed on is salary. The older generation just wanna survive. But younger generation is more ambitious. Because we want to live a better life. Money that we do not have and we borrow it, that is Credit. State Society Relationship covers the control the government have for you. Neo Liberals (Banking sector) Advise politicians. 1984 Richard Finance Minister. Laid out all policies of financialisation. Which led to escalating prices. He rolled out more credit, so people got a lot more things and looks very rich. More politics than economics Structure Agency (Structure = Economics) MNCs have more control over govt. Govt is advocating for MNCs. Ukraine war = No grains export = India(And other countries) not exporting grains anymore Stay in the game? Stay on board of the politics. Focus on Globalisation. - Trading System (GATT/WTO) Need to know difference between GATT and WTO Monetary System (IMF, WB) GATT VS WTO Agreement (Don’t NEED to follow) Has Contracting Parties Weak Dispute Settlement Institution (IO) Has Members Strong and Fast Dispute Settlement DO NOT GET PERSONAL UNDERSTAND PERSPECTIVES BASED ON INTEREST, IDEAS AND INSTITUTION Venture Capitalist = Unlimited Funding from the Government. InQTel = Major investor of NASDAQ (Institutional Investor) Silicon Valley controlled by InQTel = 007, MAIN MNC OF THE WORLD In the real world, information is asymmetric. Green Party is very strong in Belgium and Portugal. They want to save the climate and believe in sustainable society. But they are peoplecentric and relaxed. For UN, focus on Freedom of Navigation. Susan Strange , Pioneer at LSE. Concerned about Financial Crisis. 1. Globalisation 2. Financial Crisis how it started Marxist POV 3. Feminism Lecture 5 Professor Strange. Create an Anti-Thesis. Hence you can distil the thesis. Myanmar, visualism Global Production System. Mitsubishi is a Defence Company. Can assemble a submarine in 3 months. Analyse from perspective of every type of state under Globalisation, Society, Firm(industry), Mercantilist/Marxist/Liberal. Strength of Singapore is the Civil Service. Not Political Party. Because the Civil Service maintains the stability of Singapore. That is where morality comes in. FInancialisation will overthrow civil service. VIP MERCANTILISM Because we are in economic nationalism. Conflictual Zero Sum Game.
