a and 6.4% for Taiwan (Singapore's closest competitors). Singapore's average rate of consumer price inflation was 3.6%, compared with 4.2% for West Germany which had the second lowest inflation, and 5.6% for the U.S. (Wood, 25). Conclusion Singapore's dedication to a strong economy and stable prices have made it one of the most successful economies in the world in a relatively short amount of time. It's openness to the outside world lends itself as an example as to what other newly developing economies and governments can accomplish if they are committed to their goals. Granted, Singapore's governmental and economic institutions have only been around for 30 years so we will have to see how they stand the test of time. There's no denying, though, that they are off to a great start. Bibliography Buchanan, Iain. Singapore in Southeast Asia. London: G Bell and Sons, LTD, 1972. Deyo, Frederic C. The Political Economy of the New Asian Industrialism. London: Cornell University Press, 1987. Gregory, Paul R. Comparative Economic Systems. Boston: Houghton Mifflin Co, 1995. Wood, John H. "Monetary Policy in a Small Open Economy: The Case of Singapore." Economic Review Second Quarter 1992: 25-36. Woronoff, Jon. Asia's "Miracle" Economies. New York: M.E. Sharpe, INC, 1986....
