The Growth Development And Industrial Policy Economics Essay

The Growth Development And Industrial Policy Economics Essay 1. Economic growth is the increase of per capita gross domestic product (GDP) or other measure of aggregate income, typically reported as the annual rate of change in real GDP. Economic growth is primarily driven by improvements in productivity, which involves producing more goods and services with the same inputs of labor, capital, energy and materials. Economists draw a distinction between short-term economic stabilization and long-term economic growth. The topic of economic growth is primarily concerned with the long run. The short-run variation of economic growth is termed the business cycle. The rate of economic growth is measured by the percentage increase in output over a 12 month period. Governments aim to achieve high levels of stable economic growth over the long term avoiding occurances such as recessions and periods of excessive short term growth which cannot be sustained. The situation in Britain, and throughout a large portion of the world at the moment, is a good example of how stable growth was not maintained. By not maintaing a constant level of aggregate demand, fluctuations will occur, moving the circular flow of income from a state of equilibirum to a state of disequilibrium this is a natural occurance within an economy, as a rise in aggregate demand demonstrates Economic Growth and vice versa. Unemployment will also fall in relation to growth, inflation rates are likely to rise, with the gap between exports and imports narrowing as consumer demand for less expensive forgein produced products increases and demand for domestically produced goods decreases. Benefits of Growth: Increased levels of consumption Avoidance of macroeconomic problems Redistribution of income to the poor Greater societal care for the environment In theory Growth should make people happier as income will be more evenly distributed, meaning everyone has more money to spend, improving quality of life the down side is that this may not actually happen, and none of the above improvements may actually occur. Costs of Growth Opportunity cost of growth Growth may simply generate extra demand Social effects and Enviornmental costs Shortage of Non-Renewable resources fossil fuels and minerals e.g. Distribution of Income rich get richer, poor get poorer? Changes in production people with basic skills may find they are no longer required, so without further education of training my no longer be employable. Should countries pursue their goals of economic growth? This is a decision to be made in relation to the benefits and costs involved, i.e. each countries situation will be different and their can be no difinitive yes or no answer. Economic development in its simplest form is the creation of economic wealth for all citizens within the diverse layers of society so that all people have access to potential increased quality of life. Job creation, economic output and increase in taxable basis are the most common measurement tools. Structural transformation, improving the quality and productivity of resources and improving the standard of living of a nations population, through sustained growth from a simple, low-income economy to a modern, high-income economy, are desireable goals for any government to try and achieve. Improving quality of life in turn relates to improving economic development would be enhanced, including the process and policies by which a nation enhances the economic, political, and social well-being of its people. 2. Public policy generally aims at continuous and sustained economic growth and expansion of national economies so that developing countries become developed countries. The economic development process supposes that legal and institutional adjustments are made to give incentives for innovation and for investments so as to develop an efficient production and distribution system for goods and services. http://schumpeter2006.org/blog/2006/12/20/definition-of-economic-development/ In relation to developing countries, Economic Development can be interpreted in both a positive and negative manner. For example, the government of Sri Lanka has been consistant in their attempts to push the country towards economic development since the 1970s. Many different approaches have been taken, but a common theme of free market principles and structutal reform have been successful in keeping the plans for growth and development on track. Of course, there have been fluctuations these are fundamental for any country, let alone those in the developing world, pursuing such goals. Set backs such as political pressures, involving civil war and forgein investment, as well as a massive drought, have been hugely influential in the path of the countries progress. However, as a result of perseverance and a setting realistic short term goals, the successive governments have been fortunate to see positive developments, especially since 2002 when a ceasefire was signed between the govern ment and insurgent groups and the drought which has hampered development ended, allowing reliable power sources to be restored and the agricultural industry to lower their prices. Working in conjunction with the International Monetary Fund (IMF) more targets were set for the 2003-2006 time period. Along with the new laws which were introduced, concerning areas such as tax and welfare reform, as well as investment deregulation, the country hope is to establish lasting peace through relief, rehabilitation and reconstruction. The fluctuations observed over this time period show clear examples of the negative and positive sides of growth and development, for example, the social effects displayed through the cival unrest and the environmental costs created by the droughts. On a more positive note, it can be seen the the distribution of wealth is becoming more even as a result of the reforms instigated in 2003. A level of health care is provided for free midwifey care is one such service now available, although many others such as blood transfusions are still very expensive. The government hope to influence and change this with their continued action through a number of key policies: 1) restoring fiscal sustainability, including raising revenues by 21/2% of GDP; 2) implementing structural reforms mainly involving deregulation and privatization; 3) creating opportunities for the poor to share more fully in the benefits of economic growth through improvements in infrastructure and education; and 4) garnering resources for reconstruction, including though donor assistance and government investments. Like many other industrialized nations of the West, the United Kingdom has sought to combine steady economic growth with a high level of employment, increased productivity, and continuing improvement in living standards. Attainment of these basic objectives, however, has been hindered since World War II by recurrent deficits in the balance of payments and by severe inflationary pressures. As a result, economic policy has chiefly had to be directed toward correcting these two underlying weaknesses in the economy The Conservative government elected in 1979 sought to reduce the role of government in the economy by improving incentives, removing controls, reducing taxes, moderating the money supply, and privatizing several large state-owned companies. This policy was continued by succeeding Conservative governments into the 1990s. The election of a Labour government in 1997 did not reverse this trend. Indeed, privatization is now widely accepted by most of the Labour Party (with the exception of the dwindling numbers of the wing of the party with strong ties to trade unions). The most important issue facing Britain in the early 2000s was membership in the European Monetary Union (EMU). Labour Prime Minister Tony Blair decided to opt out of EMU at its inception in 1998 and has promised a referendum on British membership. The opposition Conservatives oppose abandoning the pound and have the support of a majority of the British population on the issue. In June 2003, the chancellor of the exchequer stated that Britain was not yet ready to enter the euro zone, which made a referendum in the current parliament unlikely, at least until a new government would be seated in 2005. The government in 2003 devoted its attention on the domestic front to improving such public services as health, education, and transportation. http://www.nationsencyclopedia.com/Europe/United-Kingdom-ECONOMIC-DEVELOPMENT.html Industrial Policy Industrial policy is a government funded program that encourages the public and private sector to create new technology which in time leads to economic growth. This new technology can be used to create new industries within the given country which in time can lead to greater levels of employment. It can also be used to save an industry that may be outdated or failing. The government run these programs in many ways. One way they can do it is by funding a private organisation to carry out the research. This funding can be through tax breaks or the organisation could be a direct subsidiary to the government. The programs could also be government run; this has less of an advantage as private organisations are usually in a better position to carry out this research. Does it work? Its not just established economic countries that have industrial policy either and it can be just as if not more important for newly formed industrial countries as well. This is due to the resources needed for economic growth, which at the start can be easy for a country to do. As it gets bigger it requires more and more resources in order to maintain this growth and without appropriate investment this would not be possible. The Korean government did this by offering financial incentives and reduced tax to organisations setting up in the country, whilst this has worked well for them as a developing country, the practises are now banned by the WTO for developing countries and as such wouldnt help smaller countries in the same situation Korean was in some 40 years ago. Over the last few years with the recession damaging world economies it has been quite hard to define between industrial policy and government bail outs. In the UK the government bailed out RBS as it knew that it would be fundamental in the progression in the countrys economy. But just because a government invests money into an organisation doesnt necessarily mean that the company is fundamental in the development of that countrys economy. Take France for example in 2008 at the beginning of the recession a British born French toy company began to slowly slip, the country bailed the toy company, these actions would normally be associated with an organisation that in fundamental to the growth of the country, but they chose this to safe guard the jobs of some of their citizens. With this in mind we are going to look at examples where industrial policy is more obvious and whether opposed to some educated beliefs industrial policy does exist in the UK. A good example of industrial policy in many countries just now is energy. All across the world the focus is slowly shifting towards renewable energy. Government s are paying incredible sums of money to develop new ways of harnessing renewable energy as they know in the long run it will be essential to maintain their economic growth. A country that is investing massively in renewable energy is China, (The Economist, 2010) stated that over the next 10 China would invest nearly a trillion yen which equate to about  £80 billion on nuclear power. This is done using a variety of state owned organisations i.e. banks and also through private organisations which are then government subsidised. The energy companies are paid massive amounts of money to work creating this new technology. As well as this the Chinese government also made it a rule that any foreign companies wishing to trade in that market must give in technological secrets to the local electricity companies. This economic policy is what has allowed the Chinese electricity market to grown so quickly and will allow the energy market to continue to grow at its current rate. With all this success in industrial policy in the Far East and in Europe some would presume that Industrial Policy is a good thing but there are also arguments against Industrial policy, the main one looks closely at the length of time it takes for the country to get any real benefit out of their investment. This point is summarised by Mr E GLAESER of (THE NEW YORK TIMES, 2011), who says New industries dont grow on trees. They require years of investment and development, an educated workforce and an international market for those services. Thats why the administration is pushing green energy in the stimulus, offering tax credits for renewable energy and solar power, pushing for expanded community college enrolment, and talking about an export-driven recovery. This sounds smart. But it is the sort of public policy labour whose fruits wont be apparent for years. This is all quite fitting however as America have a track record in not having a very good Industrial Policy and one that is also heavily focused in out dated dirty energy. How does industrial policy effect the UK? Industrial Policy has slowly disappeared over the last couple of decades in the UK, as privatisation crept in under the Conservative Government in the 1980s the companies that were state owned and that Industrial policies has originally protected became privately owned. Since 1995 the shift has been from Industrial Policy towards more Rural and Urban policy. This is where the government breaks the country down into its constituencies to try and target its investment towards areas that require it most. It encourages organisations to open up and begin trading in these areas creating jobs and training opportunities for people living in these areas often suffering from multiple levels of deprivation. Each area is looked at differently as no area is ever the same and where different forms of investment is required then that local council receives the money to try and combat this problem. Examples of how Rural or Regional Policy has improved the UK in the last 5 years can be seen in Glasgow with the Commonwealth Games. The Scottish Government has given a lot of to regenerate the east end of Glasgow, this regional policy has boosted employment in the area and will make the area a more viable business location with improvements to transport links and a facelift for the surroundings. (Community Care, 2010) emphasises that as well as a £20 million direct financial investment, the games will also created 1000 new jobs and also 1000 affordable homes in Glasgows east end.

Comparision of Around the World in 80 Days and Journey to the Centre of the Earth

In both the novels, the main characters embarked on a journey. One went around the world and the other to the center to the world. How were they two journeys similar and how were they different? Moreover, what did these journeys symbolize and what was their significance? In the novels the main characters embark on long journeys that take them through various trials and tribulations. The essay will be analyzing how these two distinct journeys are similar and how they are different. In the journeys, the characters go through a series of events that not only hold significant meaning, but also symbolize the significance of the journeys and their impact on the characters. Therefore, the essay will analyze what the journeys symbolized and their significance on the characters and the overall them of both novels. The Novels Around the world in 80 days and The journey to the center of the earth are written by the famous author Jules Verne. Jules Verne's novels have been noted for predicting modern times. The two novels are based on different journeys; one is around the world and the other towards the center of the earth. Journey to the center of the earth sounds more fictional than around the world in 80 days but back in the author’s time even going around the world in 80 days was almost impossible. In both the stories we come across the main characters that are Phileas Fogg (Around the world in 80 days) and Professor Lidenbrock (Journey to the centre of the earth). Phileas Fogg is an English man. He is a very well disciplined, organized personality who has a very regularized life. All of this is evident novel when it says, â€Å"He talked very little, and seemed all the more mysterious for his taciturn manner. His daily habits were quite open to observation; but whatever he did was so exactly the same thing that he had always done before, that the wits of the curious were fairly puzzled. † He is rich and owns a mansion in a very famous street but no one knew where his money came from. He is the main and in fact the most important character of the story. Professor Lidenbrock is a scientist. He, as well, is organized had a normalized life which is evident in the novel when Axel, his nephew narrates, â€Å"Another peculiarity of his was, that he always stepped a yard at a time†¦ . He, as well, is rich and lives in famous street. He is the Protagonist of the story. Thus, one can see here that there are many similarities in both the character. One day Phileas Fogg was playing whist with his usual partners at the reform club. During the game the discussion started on the bank robbery that had recently taken place. One stated that he was not any ordinary robber but he was a gentleman and the detectives had started their work but there was no success. As the game proceeded with the conversation they confer about where could the robber flee. They argued that the world is big enough and the robber could go anywhere in the world. There Fogg interrupts and says it was once big enough but now it isn’t due to the advancements in transport. And there the argument takes a new turn. Fogg stated that, in 80 days, he could go around the world. The players, then quarreled if he had taken into account everything which could be delays, dangers etc and to which Fogg replied yes. On this, one of them bets four thousand pounds and in reply Fogg bets twenty thousand pounds on the journey. He accepts that challenge and puts himself in a conflicting situation. Therefore he goes for a journey, not that he wanted to win the wager, but that he wanted to show it is possible. In the second novel, Professor Lidenbrock found a very old book which was in Icelandic language. While he was going through the book a small parchment fell out from it. The parchment was in runic language similar to the book and they could understand what was written in it. He found out that it was written by Arne Saknussemm who was a learned professor of the 16th century . They started figuring out what was written in it and after hard work and deliberation Axel deciphered it. They secret seemed really terrible to Axel and he knew once his uncle knows about it he would definitely go for the discovery. He thought that he shouldn’t tell his uncle but even if he didn’t tell him he would somehow decode it. He told him the secret by which Lidenbrock was madly amazed and filled with joy. In English the parchment read as follows â€Å"Descend into the crater of Yocul of Sneffels, which the shade of Scartaris caresses, before the kalends of July, audacious traveler, and you will reach the centre of the earth. I did it. Arne Saknussemm â€Å" Although Axel argues that there are several danger and that how could someone descend into the earth which is filled with molten lava but nothing changed lidenbrocks decision and he leaves for the journey. There are many similarities in the novels. In both the novel we see that they face several delays and difficulties. In Around the world in 80 days, Phileas Fogg along with Passepartout leaves to meet the chal lenge which is to around the world in 80 days. During the journey they face many delays and difficulties. Detective Fix is from one of them who create difficulties in his journey. Detective Fox suspects Fogg to be the bank robber of England and follows him throughout the journey. They face a delay when they are going towards Calcutta and the train stops in between and then they had to cross the distance traveling on an elephant. During the travel they plan to save the sacrificial women Auoda and risk their life and time for it. Later storms at the sea delay their journey. They also miss boarding the ship, at another occasion, as Passepartout fails to inform Fogg about it. Fix makes passepartout drunk several times at takes advantage of it. They even get attacked on their way to New York. Fix arrests Fogg detaining him which delay their trip even more. But at last they were successful and won the challenge. Similarly, In A journey to the center of the earth Professor Lidenbrock along his nephew, Axel leaves to go towards the centre of the earth. They, as well, face obstacles in their journey. When they reach the volcano it was necessary to see the casting shadow which leads to the path. Due to the bad weather they couldn’t see it but later on it became visible. As they descend into the earth they find a place with combustible gas which is very dangerous. As they proceed they take a wrong turn and they lose the water trail and run out of water and due to this Axel almost dies. At another point Axel gets separated from his uncle and get lost several miles from him. Then later they face large monsters and they are almost eaten by them. Their raft gets struck by a huge fireball as well. After that incident they find a passage marked by Arne Saknussemn but they had blow up the rock to enter in. The blow somehow went huge which made the water rush in the chimney. The molten lava starts filling in and they get ejected out the chimney. This show the novels were similar in a way that they face difficulties in their journeys. The way in which novels were different is that, one is around the world and the other towards the center of the earth. Fogg went on this journey as a challenge where as Lidenbrock went as discovering was his passion. Fogg was travelling on the earth surface on the other hand Lidenbrock was going under the earth. Hence, it shows the ideas of the two journeys are wide apart. The journeys were symbolic left a significant impact on the main characters as well. In the beginning of the story one sees Fogg as cold and disciplined man who had not much emotion. But as the story moves along there is significant development in his character. Even after he gets delayed several times because of Passepartout he says nothing to him. He saves Auoda , the sacrificial women, risking his own life. He even forgives detective Fix who creates many difficulties in his journey. This shows that he was large hearted. He later marries Auoda and expresses his love. One never might have thought a person like him cold and disciplined could have fallen in love. Professor Lidenbrock, as well, is organized and disciplined. Nothing changed Lidenbrock’s decision but when Axel gets hurt and is close to death he almost called off the journey and it is evident when he says †My dear boy, I had begun to give over all hope–and you can never know what bitter tears of sorrow and regret I have shed. At last, supposing you to be still on the road. † This shows how this stubborn character could change his mind for the love of his nephew. Hence, One journey proved that due to advancements in transport it was more efficient and faster to travel. The other journey discovered the world under the earth. Owais khan

The War Against 5th Grade Hero Essay Samples

The War Against 5th Grade Hero Essay Samples The History of 5th Grade Hero Essay Samples Refuted Ana is the perfect instance of a selfless hero. Mother Teresa altered the world and for that she's a hero. She is a perfect example of a hero. We have over 5oo qualified writers to provide you an efficient expert essay. The reader, consequently, must truly feel extreme pity for a great many hero examples for a heroic essay. You perhaps don't know the name of such a writer. Hubris is among the major distinctive characteristics of a tragic hero. My mother is an excellent woman. The men were the sole heroes, while the women weren't respected locally. Other tragic hero examples are excessively confident in their function in society. So far as a tragic hero might not be a protagonist anymore, anagnorisis might be on the hero but be experienced by the principal character. If on the flip side, Poly tells Mr.. If Poly makes the decision to provide the answer Mr.. Smith in addition to Poly and Mrs.. Don't be concerned about a few of them being rather abstract their primary aim is to reveal to you the basic principles that you'll have the ability to transfer to your own writing. This definition I feel should be updated. The mattress is created with high-density foam that has elastic and polyester within it. If you are attempting to choose hero examples for a heroic essay and discover out that catharsis of this work is difficult to analyze, this is most likely not the ideal choice you may make. Macbeth is called the Thane of Cawdor. Nemesis is predetermined but could differ in various situations. The hero's downfall is his own fault, the consequence of his very own free option, not the consequence of an accident or fate. The period hero has different meanings in various contexts. On time delivery is also our concern, so you don't need to be concerned about when you'll be receiving your paper. Being a clerk isn't an easy job. Share the details Tell us when you want to get the paper than whenever your professor needs it. If you like it is possible to look online and find one that you like. So don't hesitate to trust all of your writing needs to us, and what exactly you will receive in return is excellent professionally made papers. Andrew Carnegie is called the king of steel. People felt that each of the amazing deeds he had done made him deserve glorification. Use the purchase calculator below and begin! What Does 5th Grade Hero Essay Samples Mean? Heroes cause people to quit thinking about themselves and to begin looking for methods to provide help. The actual heroes are the typical folks just attempting to do the perfect thing. A number of these everyday heroes are those men and women who do their base to be able to serve others, if it be their l oved ones, their neighbors, their country, or even anyone in the entire world. By being humble there is not as much doubt to whether a man or woman is genuinely a hero. The youngster may not know the individual who just helped him but that person might have just made a positive effect on the kid. A person could develop into a hero by saving somebody who is in danger. In some instances, he does not realize the impact they are making on the individuals around them or they are not trying to make an impact at all. Although his primary purpose is to reach home in Ithaka and come together with his family members, in addition, he wants all his men to achieve their families. One more thing is my village had a huge population of individuals who are all black. Just make sure it is something which you require, not just something that you want in the brief term. Also that it created an unfair chance for other business to be successful too.

Singapore Facts, History, and Description

A bustling city-state in the heart of Southeast Asia, Singapore is famous for its booming economy and its strict regime of law and order. Long an important port of call on the monsoonal Indian Ocean trade circuit, today Singapore boasts one of the worlds busiest ports, as well as thriving finance and services sectors. How did this tiny nation become one of the worlds wealthiest? What makes Singapore tick? Government According to its constitution, the Republic of Singapore is a representative democracy with a parliamentary system. In practice, its politics have been completely dominated by a single party, the Peoples Action Party (PAP), since 1959. The Prime Minister is the leader of the majority party in Parliament and also heads the executive branch of government; the President plays a mostly ceremonial role as the head of state, although he or she can veto the appointment of top-level judges. Currently, the Prime Minister is Lee Hsien Loong, and the President is Tony Tan Keng Yam. The president serves a six-year term, while legislators serve five-year terms. The unicameral parliament has 87 seats and has been dominated by PAP members for decades. Interestingly, there are also as many as nine nominated members, who are the losing candidates from opposition parties who came closest to winning their elections. Singapore has a relatively simple judicial system, made up of a High Court, a Court of Appeals, and several types of Commercial Courts. The judges are appointed by the President upon the advice of the Prime Minister. Population The city-state of Singapore boasts a population of about 5,354,000, packed in at a density of more than 7,000 people per square kilometer (almost 19,000 per square mile). In fact, it is the third-most densely populated country in the world, following only the Chinese territory of Macau and Monaco. Singapores population is highly diverse, and many of its residents are foreign-born. Just 63% of the population are actually citizens of Singapore, while 37% are guest workers or permanent residents. Ethnically, 74% of Singapores residents are Chinese, 13.4% are Malay, 9.2% are Indian, and about 3% are of mixed ethnicity or belong to other groups. Census figures are somewhat skewed because until recently the government only allowed residents to select a single race on their census forms. Languages Although English is the most commonly used language in Singapore, the nation has four official languages: Chinese, Malay, English, and Tamil. The most common mother tongue is Chinese, with about 50% of the population. Approximately 32% speak English as their first language, 12% Malay, and 3% Tamil. Obviously, written language in Singapore is also complex, given the variety of official languages. Commonly-used writing systems include the Latin alphabet, Chinese characters and the Tamil script, which is derived from Indias Southern Brahmi system. Religion in Singapore The largest religion in Singapore is Buddhism, at about 43% of the population. The majority are Mahayana Buddhists, with roots in China, but Theravada and Vajrayana Buddhism also have numerous adherents. Almost 15% of Singaporeans are Muslim, 8.5% are Taoist, about 5% Catholic, and 4% Hindu. Other Christian denominations total almost 10%, while approximately 15% of Singapores people have no religious preference. Geography Singapore is located in Southeast Asia, off the southern tip of Malaysia, north of Indonesia. It is made up of 63 separate islands, with a total area of 704 kilometers square (272 miles square). The largest island is Pulau Ujong, commonly called Singapore Island. Singapore is connected to the mainland via the Johor-Singapore Causeway and the Tuas Second Link. Its lowest point is sea-level, while the highest point is Bukit Timah at the lofty elevation of 166 meters (545 feet). Climate Singapores climate is tropical, so temperatures do not vary much throughout the year. Average temperatures range between about 23 and 32 °C (73 to 90 °F). The weather is generally hot and humid. There are two monsoonal rainy seasons—June to September, and December to March. However, even during the inter-monsoon months, it rains frequently in the afternoon. Economy Singapore is one of the most successful Asian tiger economies, with a per capita GDP of $60,500 US, fifth in the world. Its unemployment rate as of 2011 was an enviable 2%, with 80% of workers employed in the services and 19.6% in industry. Singapore exports electronics, telecommunications equipment, pharmaceuticals, chemicals, and refined petroleum. It imports food and consumer goods  but has a substantial trade surplus. History of Singapore Humans settled the islands that now form Singapore at least as early as the 2nd century CE, but little is known about the early history of the area. Claudius Ptolemaeus, a Greek cartographer, identified an island in Singapores location  and noted that it was an important international trading port. Chinese sources note the existence of the main island in the third century  but provide no details. In 1320, the Mongol Empire sent emissaries to a place called Long Ya Men, or Dragons Tooth Strait, believed to be on Singapore Island. The Mongols were seeking elephants. A decade later, the Chinese explorer Wang Dayuan described a pirate fortress with mixed Chinese and Malay population called Dan Ma Xi, his rendering of the Malay name Tamasik (meaning Sea Port). As for Singapore itself, its founding legend states that in the thirteenth century, a prince of Srivijaya, called Sang Nila Utama or Sri Tri Buana, was shipwrecked on the island. He saw a lion there for the first time in his life  and took this as a sign that he should found a new city, which he named Lion City—Singapura. Unless the big cat was also shipwrecked there, it is unlikely that the story is literally true, since the island was home to tigers but not lions. For the next three hundred years, Singapore changed hands between the Java-based Majapahit Empire and the Ayutthaya Kingdom in Siam (now Thailand). In the 16th century, Singapore became an important trading depot for the Sultanate of Johor, based on the southern tip of the Malay Peninsula. However, in 1613 Portuguese pirates burned the city to the ground, and Singapore vanished from international notice for two hundred years. In 1819, Britains Stamford Raffles founded the modern city of Singapore as a British trading post in Southeast Asia. It became known as the Straits Settlements in 1826  and then was claimed as an official Crown Colony of Britain in 1867. Britain retained control of Singapore until 1942  when the Imperial Japanese Army launched a bloody invasion of the island as part of its Southern Expansion drive in World War II. The Japanese Occupation lasted until 1945. Following the Second World War, Singapore took a circuitous route to independence. The British believed that the former Crown Colony was too small to function as an independent state. Nonetheless, between 1945 and 1962, Singapore received increasing measures of autonomy, culminating in self-government from 1955 to 1962. In 1962, after a public referendum, Singapore joined the Malaysian Federation. However, deadly race riots broke out between ethnic Chinese and Malay citizens of Singapore in 1964, and the island voted in 1965 to break away from the Federation of Malaysia once more. In 1965, the Republic of Singapore became a fully self-governing, autonomous state. Although it has faced difficulties, including more race riots in 1969 and the East Asian financial crisis of 1997, it has proved overall a very stable and prosperous little nation.