Lessons Learned from Singapore

What We Can Learn from Singapore

The Singapore Skyline v3Along with Hong Kong, South Korea and Taiwan, Singapore is one of the original Four Asian Tigers. The Singaporean economy is known as one of the freest, most innovative, most competitive, and most business-friendly. The 2011 Index of Economic Freedom ranks Singapore as the second freest economy in the world, behind Hong Kong. According to the Corruption Perceptions Index, Singapore is consistently ranked as one of the least corrupt countries in the world, along with New Zealand and the Scandinavian countries. . . .

The percentage of unemployed economically active people above age 15 is about 2%. Singapore has the world’s highest percentage of millionaire households, with 15.5 percent of all households owning at least one million US dollars. Despite its relative economic success, Singapore does not have a minimum wage, believing that it would lower its competitiveness.

Here’s what I found most interesting about Singapore’s economic philosophy. “The government has rejected the idea of a generous welfare system, stating that each generation must earn and save enough for its entire life cycle.” Even so, there are a number of “means-tested ‘assistance schemes’ provided by the Ministry of Community Development, Youth and Sports in Singapore for the needy.”

If there’s one thing we in the United States can learn from Singapore is its emphasis on self-government, planning for the future for ourselves and families and not to depend on money confiscated from other people.

Now I ask all thinking American’s to answer this one question. Should the United States copy the failed policies of Greece and Spain and Portugal, or would we be better to adapt the Singapore model for economic freedom and prosperity? Now if you selected Singapore I must remind you that Singapore got their economic model from the United States of old. While our liberal leaders keep running fast toward European socialism, more economically advanced cultures are moving toward the ‘free market’ system that American once held dear.

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