Can Credit Card Interest Rates be Capped?
April 3, 2025
The American politics is heating up in anticipation of the 2020 Presidential Election. Democrats are unveiling what appears to be a populist socialistic agenda. Amongst the Democrats, Bernie Sanders, in particular, is hell-bent on enacting policies which can be considered to be socialist. Bernie Sanders has found an ally in Alexandria Ocasio-Cortez as she too…
What is the American Dream and why was it so Good while it Lasted? For a long time, the United States was seen as the Land of Milk and Honey where anyone and everyone with some talent, lots of hard work, sheer grit, and dogged determination could make a career for themselves and raise a…
Agriculture is a prehistoric occupation. In fact, it is said that human beings only started building civilizations after they discovered agriculture. But agriculture has always been an inherently risky business. Thousands of years have passed between the discovery of agriculture and the modern society that we live in today. However, the modern farmers are exposed…
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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