Two competing paradigms seek to explain state policies and foreign investment decisions. The neoclassical model is predicated on the self-sufficiency of the market and prescribes a reduced role for the state. Dependency theory, which is far more skeptical of multinational activity, asserts that state institutions become hostage to foreign capital. Both paradigms, however, fail to explain the rise of multinational corporations and economic development in Singapore. Recognizing that Singapore is poorly endowed in natural resources, state leaders adopted a series of measures that reduced market risks and created a host country climate attractive to foreign investment. The process of modernization in Singapore was inextricably tied to liberal foreign investment policies that sought integration into the world economy.
Technology of Nepal
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