Economic Nationalism in Singapore and Thailand

Abstract

Economic nationalism is often associated with the mercantilist view. Being nationalist is viewed as non-conventional, particularly in the age of globalization in which cross-border trade and investment are perceived to bring benefits to all participants. The paper questions this notion of economic nationalism. The author argues that in today's context, policy changes that appear to be ‘nationalist’ may not be totally inconsistent with policies advocated by liberals. This description of economic nationalism is applicable to Singapore and Thailand. By means of a case study (involving the Shin Corporation of Thailand and Temasek Holdings Limited of Singapore), the paper shows that the governments did not hesitate to arouse local support to maximize their respective national interests while at the same time remaining active in regional and global initiatives. The decisions of the Thais and Singaporeans reflect the trend towards an increasing discomfort with globalization.