SINGAPORE - A Survey of its Economic InstitutionsSince its inception, the Republic of Singapore has combined the fastest growth with the lowest inflation of any industrial economy. This feat was accomplished with a strict set of economic goals including a conservative monetary and fiscal policy, free trade, and a commitment to stable prices (Wood, 25). This evaluation of Singapore's economy will look at the history and forces behind their success. BackgroundSir Stamford Raffles established Singapore as a British trading post in 1819. At the time the island was scarcely inhabited, had no valuable resources, was mostly marsh and jungle land and wasn't located on the major commercial trade routes. The only thing the island had going for it was its location for secondary trade and its deep water port. It wasn't until the 1860's, when the Suez Canal opened, that the port's true potential was realized. With the canal thoroughfare, the island suddenly became attractive as a resting point. Initially, it was used as a coaling station for the steam boats traversing the new routes between the E......

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