Throughout the period of neoliberal globalisation the ability of nation states to shape economic outcomes has been significantly diminished. Not only the number of policy tools at their disposal has been reduced, but the pressures of global integration have decreased the effectiveness of those remaining. This dissertation discusses how the state can increase the effectiveness of these remaining policy tools and promote more desirable economic outcomes by shaping corporate governance arrangements and by making use of state-owned enterprises (SOEs).

Chapter 2 provides a brief analysis of the global economy since the end of World War II (WWII). It examines the major ideological underpinnings and economic features of two distinct periods – the embedded liberal and the neoliberal. In addition, this chapter also discusses the impact of neoliberal globalisation on national economic sovereignty.

Chapter 3 critically examines the Anglo-Saxon model of corporate governance, which is considered as the ‘best practice’ by the neoliberal doctrine with regards to this matter. It is argued that the theories that legitimise this model are fundamentally flawed, and an alternative framework for analysing corporate governance is proposed.

Chapter 4 examines the evolution of corporate governance arrangements in three advanced economies – the United States, Japan and Germany – since the end of WWII. In addition, this chapter also addresses the relationship between corporate governance arrangements, national competitiveness, and the effectiveness of policy tools.

Chapter 5 analyses the ‘rise’ of SOEs in the early post-WWII period and their subsequent ‘fall’, from empirical and theoretical standpoints. Some important recent developments regarding SOEs are also discussed.

Chapter 6 is devoted to examining the Singaporean development experience with special reference to SOEs. The peculiarities of Singaporean SOEs and the role played by them at different stages of Singapore’s economic development are analysed. In addition, different aspects concerning the relevance of SOEs in the contemporary Singaporean economy are assessed.