University Chancellor Sir Richard Lambert recently visited Singapore to deliver a lecture on how other countries can learn from Singapore’s remarkable economic success story.
Over 75 alumni and friends gathered at the iconic National Museum of Singapore for a chance to catch up over drinks and canapés prior to enjoying Sir Richard’s lecture entitled “The great convergence: why some low income countries will continue to catch up with the rich developed economies of the West, and some will fail.”
With wealth and economic output growing rapidly outside the West over the last decade, Sir Richard’s talk examined the factors which sustain countries in their transition from emerging to advanced economies. He identified four vital factors necessary to do this – the strength of political institutions and the rule of law, openness to trade and the movement of people and ideas, depth of human capital and of social cohesion, and finally demographic trends.
Sir Richard said,
“The bottom line is that a country’s long-term success is partly to do with luck – it can’t choose its location.
“It’s partly to do with history and culture, which are the foundation stones of institutions and a society’s values.
“And it’s above all to do with sound governance and a sense of purpose.
“That’s why Singapore has succeeded so remarkably.
“And the good news is that many other countries are now moving – often faltering and sometimes with backwards steps – along the same path.”
|Sir Richard became Chancellor of the University of Warwick in 2008. He is a former Director-General of the influential UK business organisation the CBI, former editor of the Financial Times and was knighted in the 2011 New Year Honours for service to business. He has also served on the Bank of England’s Monetary Policy Committee.|