SHANDELYN ANG ZHI ER

F19DM0412 - SM3P

Research for Effective Communication

Diminishing trades
DDM3291

27 January 2022
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Diminishing Trades

I. INTRODUCTION
A. Importance of Trade on economies
B. Definition of Diminishing Trades
C. Background information on Diminishing Trades
D. Thesis statement

II. ECONOMIC GROWTH AND MODERNIZATION

A. Economic growth
- Comparative Advantage Theory
- Absolute Advantage vs. Comparative Advantage
B. Modernization
- Shifts in consumers’ preferences

III. DIMINISHING TRADES IN ASIA

A. Past Trades in Singapore
- Technology influence
- Past trades; How were they formed
- Different trades; Past and Dying

IV. PRESERVING THE TRADES

A. Ways to protect the Diminishing trades
- Documentary to keep the memories alive
- Buying straight from them

V. CONCLUSION
A. Summary of Diminishing trades
- My thoughts and views
- Values we can learn from this
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Essay Report

INTRODUCTION

Trade is a massive part of society and businesses play a huge role. They not only bring about
great convenience, but they also open the economies opportunities for technological
advancements and innovations. Enterprises that are more successful at adapting to market
shifts tend to retain their market shares while others fade away gradually. Looking back at
these diminishing trades often evokes a sense of nostalgia.

Several trades have withstood the test of time. Some examples are the ice-cream uncle, the
street cobbler, the traditional bakery, the Kachang Puteh vendor, and the conventional supply
stores. Their numbers are dwindling, and it will only be a matter of time until they become a
relic of the past, another chapter in the history textbook.

Withstanding the adversaries of time, there are still people out there attempting to keep these
trades alive by adapting to market preferences. Instead of running it as an individual, some of
them chose to adapt and change in terms of their business structure. For instance, what was
affectionately known as a "Mama Shop" has since been converted into larger supply chain
stores like NTUC, Cold Storage, and Sheng Shiong. (Time forgotten Trades, 2014)

As technological advancements make people seek instant gratification and greater

convenience, these larger supermarkets can better attend to those needs. Some businesses
attempt to resurrect these diminishing trades, and they are termed as the new "old"
establishments. However, more often than not, they use the sense of nostalgia to create a
commercial buzz (Hayes, 2020).

The market structure in Singapore has changed drastically over the years. We are evolving so
rapidly towards modernity that old-school trades may eventually perish. Unfortunately, we
may, in time, lose these trades that hold such great sentimental values to us, and the future
generations may not get the opportunity to experience these culturally rich trades (Hayes,
2020).
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ECONOMIC GROWTH AND MODERNIZATION

The theory of comparative advantage comes into play when we look at economic growth and
trade. According to the theory, every country should concentrate on manufacturing and
exporting commodities and services in which it has a comparative advantage. As an example,
we can look at the comparison between the Chinese and the American markets.

China has a more significant comparative advantage to the United States (US) when it comes
to cheap labour. On the other aspect, the US has a bigger comparative advantage in
generating capital-intensive endeavours than China. According to the theory of comparative
advantage, China should focus on providing more cheap labour, while the US should focus
on generating more capital-intensive work. After which, the two countries should trade the
goods or services they have a comparative advantage with to obtain higher economic growth.
(Hayes, 2020).

It is impossible for a country to have a comparative advantage against another country in

every market. For example, China's abundance of labour, skills, and capital may give them an
absolute advantage at producing goods and services, but this equates to a comparative
advantage in production. As resources are finite, allocating resources to produce a
particularly good means, fewer resources for another good. This means that all countries still
stand to gain from free trade to some extent.

When a country develops at a rapid pace towards modernization, it will induce shifts in
consumer preferences, which eventually causes specific trades to diminish. This is the case
when businesses are unable to catch up with growth and modernization. Singapore used to be
known as a small fishing village. Economic growth and modernization have caused it to
evolve into the urban city we see today. As we continue to progress, some trades tend to get
left behind and forgotten over time. (Cornelius-Takahama, 2004).

Technological advancements tend to bring product and process improvements. From a

business point of view, it would be a significant disadvantage if they do not jump on the
bandwagon to incorporate these technological improvements into their business model. On
the other hand, consumers also benefit from these enhancements. A higher supply would
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drive down market prices of the goods and services while better technology helps to improve
its quality. As a result of changes in business models and consumer preferences, trades that
are unable to catch up will be left behind.

EXAMPLES OF DIMINISHING TRADES IN ASIA

When it comes to the most inhabited continent, Asia is the most populous continent in the
world. The Asian Century has officially begun. Asia, now the world's largest regional
economy, is expected to expand in size and importance. This area is at the vanguard of
evolving globalisation trends, and it is shifting faster than the rest of the globe, implying that
Asia, more than any other region, will influence the next generation of globalisation. Having
said that, as the Asian economy is rising at such a fast pace, it is inevitable that some trades
will tend to fall behind. (Wikipedia, 2022)

To name a few, some of the trades that are diminishing in southeast Asia are charcoal traders
and artisans who make paper bags, hair buns, beam scales, wood barrels, and chairs that have
been annihilated over time owing to severe changes in lifestyles and/or a demand reduction.

With technological advancements and mechanisation in factories, more goods are now
produced in large quantities, at precision, and extremely fast. This can only mean two things -
either one embraces technology and adapts, using it for the good of their businesses, or on the
other end of the spectrum, rejecting changes and, as a result, becomes obsolete. The latter's
mindset has resulted in the extinction of several of Singapore's earlier trades and crafts and
artisanal craftsmen. (Time forgotten Trades, 2014)

A good example of embracing technology would be the famous "Tuk-Tuk" in Thailand. Over
the years, rickshaws have been progressively developed according to economics. It started as
a rickshaw many years ago, and slowly when modernity took over, auto-rickshaw was
developed, also known as Tuk-Tuk. However, the large amount of carbon dioxide produced
by tuk-tuk has caused Thailand's air to be badly polluted. To aid this issue, a start-up
company has launched Grab TukTuk, an electronic three-wheeler that is similar to TukTuk in
the Thailand city of Chiang Mai (Pradhan, 2019).
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This electrical tuk-tuk not only helps the presence of trade and also helps lessen the
contribution of harmful gases to the environment. This shows that trades like those who are
open to embracing the new modernity will continue to flourish.

PRESERVING THE TRADES

It is essential now that we find a solution to keep these trades alive, or they will soon be a
thing of the past. Not many youths these days are even aware what are the past trades that are
still around. To keep these trades alive is to increase awareness in the next generation so that
the knowledge can be passed down to them.

Youth are always into the latest trends. One can look to Korea and take reference to how the
traditional games and snacks were introduced to the new generation. The latest South Korean
blockbuster series "The Squid Game" on Netflix is centred around a survival game. Through
this show, not only does it allow more youths to understand the tradition, even foreigners get
to understand the Korean culture better.

Some followers pointed out that the delicacy isn't a Squid Game invention, but that it has a
long and rich history in South Korea. Since the mid-1950s, street sellers have already been
selling the sweet (known as "ppopgi") around schools or even in neighbourhoods, and they
would make the candy on the spot. Soon after, the Dalgona candy became a trend worldwide.
Inevitably, this would help spread awareness on this diminishing trade on various platforms,
especially social media. (Navlakha, 2021)

Dong-hyuk, 2021 “Squid Game” | © Netflix 2021

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Because of this worldwide sensation and awareness, The influence has also spread to the
main street, notably benefiting sellers in South Korea. In the nation's metropolis, Seoul, for
example, a seller who has been selling Dalgona for nearly a decade is suddenly witnessing a
surge in demand for the delicacies.

CONCLUSION

In summary, the thoughts of having past trades diminishing as the years go by are sad. Every
trade started from somewhere and slowly progressed to what they are today. As mentioned
above, some trades are all about the processes and their craftsmanship. Once the vendor or
the person running the business passes on, who will take over them? How will this trade be
passed on? Their numbers are dwindling, and it will only be a question of time until they are
gone.

Using the Squid Game Netflix drama as an example, one can use the power of social media to
create hype and awareness and by doing documentaries on the diminishing trades to educate,
honour, and preserve. More schemes can be brought up to fund those diminishing trades and
encourage them, mentally and financially, to adapt and change for the better.

To end, from these diminishing trades, I learned values such as perseverance and a spirit of
tenacity as I watch them with their never-say-die attitude, going around doing what they do
best despite the hardship that surrounds them. We should not take things for granted because
who knows? One day when we wake up, we might not see them anymore.
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