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Global Business Cultural Analysis: Singapore

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During the tenure of Prime Minister Goh Chok Tong, Singapore meticulously tackled various problems including, SARS outbreak of 2003 and terrorist threats posed by the Bali bombings and the Islamic Organization Jemaah Islamiyah. Furthermore, Singapore also efficiently handled the devastating economic impacts of Asian Financial Crisis of 1997. In 2004, Lee Hsein Loong succeeded Goh Chok Tong as Prime Minister. The Country has a parliamentary republic which is based on Westminster unicameral parliamentary government system consisting of various constituencies. Singapore’s representative democracy is recognized as the political system, established by the constitution.

Singapore is ranked as ‘partly free’ by the Freedom House and the Economist designates the country as ‘hybrid regime’. The Cabinet has authority over executive power and is led by both the Prime Minister and the President. The permanent residents of Singapore elect the President through popular vote, who serves a ceremonial position. The President of Singapore has the power to veto decisions related to the use of national reserves and the appointment of judges. The legislative branch of the government is represented by the Parliament. The members of the Parliament fall into three categories: elected, nominated and non-consistency members.

The English common law forms the basis of the legal system of Singapore. From 1970 onwards, trial by jury was abolished and so now the judicial assessment is entirely based on judgeship. According to a survey conducted in 2008, the International Business executives regard Singapore and Hong Kong as having the best judicial system in entire Asia. (Baker ET AL 1988). The highly developed state capitalist mixed economy of Singapore reflects the country’s immense talent and capabilities. The sovereign wealth fund Temasek and similar entities own approximately 60% of the GDP.

The comparison between Singapore’s economy and the economy of other developed countries reveal that Singapore’s economy is relatively corruption free, transparent and has low tax rates. (Czinkota et Al 2004). The economy has an open business environment and has one of the world’s highest per capita gross domestic products. The economy has been nicknamed as Singapore Model due to its perfect combination of economic planning and free market. Large numbers of Singaporean companies are registered as private

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