Singapore. A Success Story. Not A Free Market One.
The economy of Singapore is best described as a mixed economy. Although the country strongly advocates free-market policies and practices, government intervention is also evident in macroeconomic management and major factors of production such as land, labour and capital resources. This innovative and highly successful economic system – where both the market and the state have equally strong roles in the government – is dubbed as the Singapore Model.
And the man most directly responsible for this curious dichotomy is Lee Kuan Yew. Which makes sense, I guess:
- He was anti-communist, but he was also a socialist.
- He put in place strong free market policies, but coupled them with even stronger government intervention.
- He eliminated corruption, but once put in place match-making policies amongst the elite and well-educated.
It’s the kind of story I love: something that works in practice, but doesn’t work in theory.
Paradox much?
http://www.rollingalpha.com/2015/03/23/singapore-a-success-story-not-a-free-market-one/
A very unique country/city state; it's really Singapore, Inc.