Globalisation and the Political Economy of Singapore's Policy on Foreign Talent and High Skills

Abstract

Singapore's strategy to become a knowledge-based economy (KBE) has to balance the aim of a high-skills economy and society with its policy of recruiting foreign talent for knowledge work. Singapore faces ageing demographics, economic restructuring and recurrent cyclical economic change. When it comes to sustaining a resilient, vibrant economy with the requisite workforce, the Government is singular in its commitment to a 'flow-through' model of bringing in foreign capital, technology, talent and whatever it takes to sustain itself as a 'top globaliser'. In examining these policy strategies and options we ask if even the Government-'made' city state is facing a 'globalisation backlash'. The consequence of balancing a delicate sociopolitical compact between foreign talent and local skills is becoming more complex, given the intensification of the economic tempo and difficulties of restructuring while on an increasingly risky and volatile high technology trajectory.