By helping to develop people and their countries is the goal of the World Bank. By focusing on six strategic themes used by the World Bank to support their mission “…the Bank delivers technical, financial and other assistance to those most in need and where it can have the greatest impact and promote growth. These themes are focusing efforts on the poorest countries, post-conflict and fragile states, middle-income countries, global public goods, the Arab world, and knowledge and learning (World Bank, 2011).
Some strategizing that need to be implemented are market economy, high savings rate, and investments in human capital and infrastructure. In the 1970’s and 1920’s Singapore and Hong Kong were considered newly industrialized countries. To have a market economy there must be “a division of labor in which the prices of goods and services are determined in a free price system set by supply and demand” (Altvater, 1993).
Now Singapore and Hong Kong are considered to have a market economy. The methods applied were to bring about industrial stability by dismantling the communist party and fostering discipline in employer-employee relations, to attract multi-nationals companies with existing technologies that were looking for new opportunities to expand globally, and to maximize the potential of its people so they can contribute the most to economic growth of the country (“How Singapore Came,” 2010).
Hong Kong and Singapore were able to attract the necessary capital, technology and training necessary for a free market economy. They did this by dismantling communist party and by recognizing property rights of individuals. They also fostered the discipline of employer-employee relations. Without all of these aspects there would be no free market systems. By implementing these strategies, they have been able to make leaps and bounds in their industries.
References World Bank,. (2011). About us. Retrieved from http://go. worldbank. org/5TU8IISQ50 Altvater, E. (1993). The Future of the Market: An Essay on the Regulation of Money and Nature After the Collapse of “Actually Existing Socialism. Verso. pp. 57. How Singapore came to develop its high tech industry. (2010, June 20). Georgian Business Week, Retrieved from http://www. gbw. ge/news. aspx? sid=e8dde96b-b4e2-4663-87c0-d5f8a8ea1ece