Embeddedness and Restructuring: Case Studies from Singapore

Free market ideology has continued its hegemonic reign notwithstanding considerable opposition. Under capitalism, the relationship between the political and economic realms is intricate. This inquiry on corporate restructuring in Singapore between the late 1990s and the early 2000s scrutinizes how a dominant state collaborated with the multinational corporations to reconstitute their accumulation regimes to outlast the business cycles. Based on six cases, the findings underscore the critical role of the state on the subject of restructuring. The peculiar configuration of the relations between the state and labour in Singapore shaped how they negotiated the restructuring process with the companies. While those involved reckoned that training, research and technology were pivotal, the foregoing were not the panacea that optimistic consultants had made them out to be. The interactions among capital, labour and the state remained the underpinnings of solutions.