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Showing posts with the label Asian miracle

Singapore and the Myth of Free Market Economics

Singapore skyline (by Merlion444 [CC0], via Wikimedia Commons ) Singapore is a success story. As founding father Lee Kuan Yew said in his  autobiography , Singapore moved from being a third world country in the 1960s, to being one of the richest countries on earth by the end of the 1990s. Singapore is a city-state which in the middle of the 1990s was half the size of Hong Kong, with a population of 3.04 million ( Kwong / Chau et al. 2001 , p. 1). A former British colony, Singapore's political situation after WWII was tumultuous. The city was granted independence from the British Empire in 1958. Singapore's leaders, however, did not want to found a separate state, but to become part of neighbouring Malaysia. In the 1959 elections, the People's Action Party (PAP), which still rules Singapore today, "promised clean, efficient politics and pledged to address issues in education, labor, housing, health, social security, economic growth through industrializati