ASEAN has been a failure. Its GDP in nominal dollar terms has not changed for 10 years. Singapore’s per capita income has not changed either at $25,000. China’s GDP in dollar terms has tripled during the same period.
I thought the questioners were competing with each other to praise Singapore as the success story of globalization. Actually, Singapore’s success came mainly from being the money laundering center for corrupt Indonesian businessmen and government officials. Indonesia has no money. So Singapore isn’t doing well. To sustain its economy, Singapore is building casinos to attract corrupt money from China.
Andy, I hear you might be looking for a job: I’m sure that RGE Monitor would welcome you with open arms!
(Related, and worth reading: Edward @ Afoe on Andy Xie vs Setser & Roubini vs BIS & Joaquim Fels.)