Singapore has a great coat of paint over its economic system so westerners think it’s pure capitalism but that’s a mirage.
- The majority of locals work directly (PSD, Government, Education) or indirectly (Temasek / GIC owned entities like CapitalLand, Surbana, Singapore Airlines, the three local banks, etc.
- 80% of the property market is directly under government control (HDB), with 20% heavily regulated but “free”
I could go on, but Singapore works precisely because it’s not free for all capitalism but a tightly controlled economy that makes sure the country benefits
- The majority of locals work directly (PSD, Government, Education) or indirectly (Temasek / GIC owned entities like CapitalLand, Surbana, Singapore Airlines, the three local banks, etc.
- 80% of the property market is directly under government control (HDB), with 20% heavily regulated but “free”
I could go on, but Singapore works precisely because it’s not free for all capitalism but a tightly controlled economy that makes sure the country benefits