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. The process of modernization in Singapore was inextricably tied to liberal foreign investment policies that sought integration into the world economy. The hyperbolic spread of transnational activity has spawned a spirited debate and the concomitant development of theoretical models that seek to explain their causes and effects.Technology of Nepal
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