Singapore’s modern history and impressive development trajectory often fascinates observers, from its origins as a fourteenth-century regional entrepot, and then as a colonial port city, to its current form as a global city-state recognized as an international hub for finance and shipping. In The Economic History of Singapore, Keen Meng Choy and Ichiro Sugimoto collaborated to produce an economic history of Singapore. Their aim: “The ultimate objective of this book is to unravel the enigma of Singapore” (p. xxi). In tracing the economic development of this island state, Keen and Sugimoto have crafted an engaging narrative of how Singapore’s economy has continuously evolved, and of key fiscal policies that shaped the island’s growth. Moreover, they make a compelling observation that Singapore’s history is also one where its role as an intermediary between Southeast Asia, East Asia, and the West is of enduring significance. Through this study, the authors demonstrate how throughout its history, Singapore contributed to change in the region but was also transformed by it.

In this chronological study, the authors pose three themes for readers to consider. The first theme is that Singapore flourished regardless of the forms of governance it was subject to, and whether it was independent or part of a larger entity. The port’s emergence as a staple port as part of the British Empire is an example here. The second theme is that due to its small size, the island has always depended on a few commodities to prosper. Rubber, shipping, and tin mining are examples discussed in the chapters on colonial Singapore. The third theme is that throughout its history (from the colonial era) there has been an investment in physical infrastructure and social capital. This, the authors reflect, is a consistent recognition of Singapore’s populace as a resource. These themes appear throughout the chapters and provide a valuable framing for readers.

In taking a view of the longue durée of history, readers are first introduced to Singapore of the Temasek era (fourteenth century) and what is known of the commodities traded in this early settlement. While only a short chapter, this sets the tone of this study as being both grounded in economic analysis but with a strong historical context. There is a commendable inclusion of scholarship which has brought to light Temasek’s history, the work of pioneering archaeologist John Miksic being drawn on as well as the critically (and popularly) acclaimed Seven Hundred Years: A History of Singapore (2019), by C. G. Kwa, D. Heng, P. Borschberg, and T. Y. Tan.

The early chapters cover relatively well-known terrain, that of Singapore as an English East India Company trading post and then later as a colonial staple port. The discussion of the idea of free trade and Stamford Raffles’ planning is particularly good in illustrating that while initially free trade may have been a pragmatic idea to make the trading emporium a success, this principle rapidly became an enshrined right up to the present day. The idea of the role of early Residents such as Raffles and John Crawfurd in setting in place infrastructure and institutional foundations (for law and order, for instance) is important, and such ideas are revisited across many chapters. Scholarship on the economy of colonial Singapore (by scholars such as Greg Huff, Wong Ling Ken, and Paul Kratoska) is drawn on, and the chapters are enriched via a wealth of primary sources, including official reports and newspapers.

The chapters covering the independence years, from 1965, take up relatively less space in this volume. Certainly, major developments are explored, but in some cases all too briefly. That said, in any such ambitious work, it is difficult to ensure evenness of cover across every era; easily this monograph could have run to a second volume. For instance, Chapter 11 delves into export-led growth and manufacturing post 1965. This chapter demonstrates how, despite the dire outlook when Singapore left Malaysia in 1965, and the announcement of the British withdrawal of troops (announced in 1967), Singapore was able to not only report full employment but also a significant increase in the economic and social well-being of the population. The authors highlight how early industrialization was export-oriented and well-suited for a developing country with a small domestic market such as Singapore. An interesting point in this chapter is a brief discussion on the inclusion of women in the workforce. More could be done on this topic, as it was a marked shift for the population, and Singaporean women have long enjoyed high participation rates in the workforce. In this regard, work by Loh Kah Seng, Alex Tan Tiong Hee, Koh Keng We, Tan Teng Phee, and Juria Toramae entitled Theatres of Memory: Industrial Heritage of 20 ^th Century Singapore (2021) on social history makes a good complementary reading.

This is a well-written and engaging work. For business historians and scholars with an interest in the history of Southeast Asia, there is much value in this study. This volume is also suitable for the undergraduate classroom. The authors challenge the reader to ask the question of “what is Singapore?” and “what can Singapore be?” While the volume provides an economic history approach to answering the first question, the reader is left to ponder the latter but with a view that economic pragmatism will no doubt remain a constant.