Abstract
SINGAPORE’S vast array of government-linked companies (GLCs) has enabled it to manage the process of globalization with remarkable stability and effectiveness. Indeed, it’s fair to say the city-state is a rare contemporary case of successful state capitalism. Increasingly, however, the economics and politics of the GLCs’ gatekeeper role have started to conflict. And as GLCs internationalize and the city-state’s markets are exposed to more intense market pressures, tensions will continue to rise.