Full bibliography

The global subprime mortgage crisis in 2007–2008 led to an economic recession in Singapore, but the economy recovered strongly to post a 14.5% expansion in 2010. This article examines how labour market repositioning policies contributed to this recovery. Following Karl Polanyi's conceptualization of the economy as an ‘instituted process’, I explore how these policies function as state-driven redistributive strategies aimed at triggering reciprocal responses from employers and workers within the putatively self-regulatory local labour market. The Singapore case foregrounds the causal roles of place- and time-specific state–firm–labour interactions in precluding what Polanyi calls society's ‘double movement’ against market-driven regulation. This successful preclusion exemplifies how the conditions and relations of economic production are not reproduced solely through market exchange; to sustain the capital accumulation dynamic, complementary acts of reciprocity and redistribution from different socio-economic stakeholders could be equally, if not more, important.