Executive Pay: The Curious Case of Carlos Ghosn’s Arrest
February 12, 2025
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Singapore has been one of the great success stories of South East Asia. The country started with very little money or resources just a few decades ago and had built one of the best global cities today. Their success story is not similar to that of China or Hong Kong. The differences are remarkable.
The world has seen a polarized debate regarding economic models. Some believe in capitalism whereas others believe in socialism. There seems to be no third alternative to “the market” or “the plan”. However, Singapore is proof that a third model does exist. It is a city where capitalism and socialism have coexisted, and the result has been economic prosperity.
The stupendous success of the Singapore model can simply be referred to as being astonishing. Singapore has close to 1% of the population of China. The GDP of Singapore is about 11% of China! Singapore has one of the lowest inflation rates in the world. The inflation has averaged close to 1.9% whereas the global average is close to 3.5%. This small city state possesses one of the world’s largest export sectors. This hugely successful export sector has ensured that Singapore has the 10th largest foreign reserves in the world! Singapore is a preferred destination for multinationals. This is because of the strong anti-corruption laws that have been put in place. The result is that Singapore has the busiest port in the entire world.
Singapore is home to over 3000 MNC’s from across the world and these MNC’s account for over two-thirds of the exports generated by Singapore. The economy is one of the strongest in the region. The 1997 crisis which spread like wildfire amongst Asian economies could not do much damage to the economy of Singapore.
The economy of Singapore has followed free market principles in some parts of their economy.
Surprisingly some part of Singapore’s economy is also based on Socialistic principles.
To sum it up, the Singapore model is like a bizarre mix of the US model and the Russian model. The astonishing thing is that it actually works!
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