How Singapore Got Crazy Rich, Crazy Fast
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- čas přidán 26. 08. 2023
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Singapore, once a poor nation, rose to the 33rd largest economy in 50 years, inspiring other countries globally. Yet, its unique journey, often misunderstood to be solely based on glamorous industries, is not easy to replicate, and many economists forget the draconian measures it took to build Singapore into the wealthy country it is today.
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Singapore Challenges the Idea That Democracy Is the Best Form of Governance
"As it celebrates the 50th anniversary of its founding under the late Lee Kuan Yew, Singapore is a marvel to behold and applaud. But its success also poses uncomfortable questions for those of us who "know" that Western-style democracy is the best form of government. When one studies the numbers, or asks its citizens, there can be no doubt that Singapore's government is delivering the results people want. It is also clear that Singapore's system of governance falls short on many conventional criteria for "good government." Since most theories of governance hold that good performance requires a good Western-style democracy, Singapore's record over five decades presents a challenge."
Source: Singapore Challenges the Idea That Democracy Is the Best Form of Governance
Hey man. Can you please stop using random subtle beeps that sound like haptic audo from a smartphone app?
You're giving me anxiety.
The main trick for countries to get rich is to stay away from russia and its propaganda.
There won't be another Singapore because there won't be another Lee Kuan Yew and a team of tenacious and brilliant people backing him up. As a Singaporean, I am eternally grateful to the leadership that stepped up and got us through difficult times.
Yep, you need good governance plus a disciplined populace to be the next Singapore, and that's a rarity.
More like there won’t be another singapore because there’s no geological location quite like it.
Exactly, people who want to hold on to power and do good are rare ,the reason Lee did it was because he has no choice
And thanks to the Malaysian government's racist policies that made them leave.
Paul is gonna be so very sad. He fancies himself another LKY, and he is determined to make Rwanda another Singapore.
Singapore was so lucky to have Lee Kuan Yew. It is very rare for a dictator to care so deeply for their people. Truly an inspiration...
He was the single biggest competitive advantage. He is what no other nation can replicate. People like him always succeed. If Singapore didn't have the geographic advantage to be on the tip of the busiest sea route in the world, Lee Kuan Yew would have built the country another way. People like him always arrive at the destination because they are never wedded to the path to get there.
@@SuperSupersoda yeah this is so true...
@@SuperSupersodaI think it’s true to an extent. He was definitely an exceptional leader, but it’s geographic location gave a huge spring board. I honestly wish the US had a leader like him right now.
@@rico14 And one of the biggest things that history teaches us is that nothing is more underrated than great leadership. Singapore was a third world country with literally zero natural resources, it might have had a geographic advantage, but as far as a nation building starter-kit goes, it's one of the worst situations in the last century. Saying it has a geographic edge misses the fact that it's dead last in virtually every single other category.
Think of it this way: which starter nation would you rather have, Singapore or Venezuela? In terms of resources, it's no contest, Venezuela is one of the best situations in the world, but look what has happened to that nation.
The fact that Singapore had this one natural edge, when it had so many resource deficits, just tells me everyone wants to dismiss the miracle that is Singapore and no one wants to credit the real cause: Singapore had elite leadership.
Even if you took away that geographic edge, Singapore would have been built some other way, that's what elite leadership does: great leaders are driven to get elite results and are not wedded to any one way to do it. Being a port was just the path of least resistance, which is the sign of great leadership: don't worry about what you can't do, tell me what you can do, and then leverage it to the most effective possible way.
I think the reason so many people want to deny how important leadership is in Singapore's development is because that brings up very uncomfortable questions about your own country, wherever you're from.
That's what I took away from this video as well. Are there any good books or resources to learn more about his life? It must have been fascinating.
LKY was a brilliant leader of a brilliant team backing him up all with the purpose of making Singapore prosper. Insane effort and I'm proud to say I'm Singaporean
As a non-Singaporean, I believe it is difficult to ignore Singapore's authoritarian government, but at the same time it may be necessary due to the nation's unique circumstances, and LKY's team and his son's have been doing a superb job running the country so far.
@@bolognivm You can stick to your democracy. I would rather not get shot or see a drug outbreak as I live happily in Singapore. We don't need Westerners to "free" us. If we want a change, we will vote for it.
@@lktzu2821 There is no negative connotation attached to being an authoritarian state. Singapore is indeed more authoritarian compared to most countries in the world. That does come with its perks and downside; authoritarian leaders can turn corrupt and leech off the country's resources, or it could very rapidly improve lives by iterating changes in policies quickly.
@lktzu2821 I doubt your votes will change anything, but seeing that you don't want change, I'm guessing it would not matter.
But then again, I myself am not sure which comes first, either: freedom or security. We are now going through times of big changes, and the values of freedom and democracy are repeatedly being challenged and scrutinized, and I am rethinking them myself as well.
(Then again, I also understand that you may not really mean what you say, since Singapore's internet is under gov't surveillance and you'll face punishment for criticizing LKY's family or his lackeys.)
Funny that now you have voted for an Indian to lead Singapore
Singapore is pretty much that one guy/gal that left behind a toxic group of friends (in this case Malaysia due to some "differences") and ended up way better off as a result.
Singapore is only successful because they leech business wealth from other countries by undercutting everyone's tax money, the money meant to build hospitals and roads in other countries
And they still havn't realized they are not a developed country. Let alone a democracy
It's the other way around, Malaysia kicked out Singapore
Good decision made; imagine if they had still stayed
@@tahaalaudin9772 if Singapore had stayed they would be within a democracy by now. Not the autocratic fake system they are in
Singapore resident(as of writing) here, one thing you have to recognise, is the sincerity of the government towards improving the quality of life of their citizens. It's noticeable in every aspect of daily life, every bus stop or hdb market has fully shaded walkways. It's little things like these where every citizen, regardless of social position benefits from, to ward the rain here for example that you rarely notice, that wins you no votes, but is still done, just to optimise the lives of their residents. It's these little things you notice as a resident that shows you the remarkableness of their political system
Can't agree 100% as a Singaporean here. Sentiment on the ground is that such upgrades are tied into re-election. They suddenly happen when elections roll around the corner, and are brought up at political rallies. There's also a common perception that opposition-held wards don't receive a fair budget for infrastructure projects, so as to encourage them to vote for the ruling party.
@@harkauklanYour points are definitely valid and true.
That said, I would also say that getting brownie points before elections is frankly a very trivial thing compared to the political manipulations in other countries.
The oppression of PAP on opposition parties could be much worse, and my opinion is that PAP is still maintain certain moral baseline that we have taken for granted.
It's a very small country, when you run out of thing to do then this little improvement is all that you can do.
Yup. The crucial ingredients that all these videos refuse to admit is that Singapore government works, and they work for the people. Westerners cannot fathom, even want to admit that a government may not be an adversary to the people or the individual. They will not admit that the government is part of the country and the people can love their government and be part of the community. This is especially true to Americans who are brainwashed since young to treat the government as a necessary evil and is only there to screw things up. Only private companies are the best, and billionaires and other rich people are messiahs, they are the only ones who create jobs, create the economy, the titans of industries. Government people are evil and are not part of the community and they only seek to corrupt everything. Never mind that the government in these countries are controlled and corrupt by the private sector.
This distorted view about government, the state, the people and private corporations is why they cannot understand how countries like Singapore, and dare I say to a large extent China can be so immensely successful. It must be cheating, some sort of repression, oppression by the government, stealing or whatever excuses they can come up with to explain anything, except the most obvious explanation: governments headed by PAP in Singapore or the CPC in China really do care about their people and country, and they do pursue policies that are crafted to benefit as many people as possible, and to maintain the health of the economy, and strive for common prosperity.
The other thing they refuse to admit is that central planning works. Singapore is actually a hybrid system that combines using socialism and capitalism, with a very strong central planning ideology and pragmatism that is rooted in material reality and that the economy must be bend to serve the people. It is highly Hegelian and Marxist. It is in many ways, also Leninism that emphasize a strong central government control occupied by a cadre of politicians that has strong theoretical education and will to serve, to ensure the excesses of capitalism, and the vagaries of the market kept tightly under control and limited. They make capitalism work for them, not the other way around.
To the westerner drunk on the capitalist cultural hegemony, this is not only unfathomable, it is literally evil incarnate. They cannot accept such a paradigm.
What Singapore did is not replicatable in the west because their capitalist class, their oligarchs will not allow their government to exert such control over them. A lot of the principles pioneered by Singapore, especially by the PAP are actually being practiced in China, albeit with significant modifications, to a stunning success. But a westerner will rather put a gun into his mouth and blow his brains out than to admit that.
A friend from Indonesia who stayed in Singapore for several years for work told me that Singapore is a first rate government with third rate citizens. The government is remarkably and extraordinarily hardworking. If you compare their efforts to other governments of the world, they are actually really responsive n effective. A world class education n healthcare system, safe streets in the middle of the night that foreigners rave about, with one of the lowest taxes in the world. During covid, like children of rich parents, they had only the best Covid vaccines choped so early that even Australia borrowed from them. And a Covid package that’s one of the highest $ per citizen in the world. And. Still. They. Complain.
Just look at the complaints of the people who replied. Unable to appreciate what they have. Spoilt af. Supports a lying opposition leader just because he’s opposition lolol. Utter stupidity. Pls, let’s exchange governments. You can have the government in msia and we’ll take your pap.
I lived in Singapore and one item mentioned in the video maybe unpopular but it was the shear hard work and grit of the first 'pioneer' generation. They worked very hard in low value industries to pay for the education of the next generation, who then had similar grit to work hard in more high value industries. Singapore was built through a very smart government and bl^*dy hard work.
What a lot of people don't understand is also that we are openly taught/told to be appreciative of the pioneer generation, acknowledging the work they had put in to build the country. Sure, it's propaganda, but propaganda is not always bad. The government likes to remind us of where we came from.
@@superlynnie you should not forget where you came from, especially back then, LKY still have a lot of bad stuff he did, but he did it for the betterment of a nation, of equals, and stability bcs he knew, any big fck up could jeopardize the rest
Also, we are willing to contribute a lot of money to build our country alongside our government.
@@superlynnie I can understand and really appreciative. My siblings borned in the 1940s did not have the same opportunities as me even though I was born a decade or so later during the Merdeka generation. Life was really hard for them and I seen how difficult it was for them and my parents just to make ends meet.
Lies again? AMWF Car Chicken Feet
Singaporean here, thanks for doing this video! we are proud of Singapore's success even if we don't show it very well. people complain PAP terrible, honestly they've made a lot of good decisions. I'm glad I can walk around safely at night and I won't get shot on the streets and my healthcare will be covered and I will have money when I retire.
If I become king of the world, I'm making you guys rename your country "Singarich."
Security in exchange for freedom is a choice many countries have chosen. I would choose freedom but I respect your choice of security.
To each their own, so perhaps the biggest gift the PAP gave you was the means with which to choose.
@@dylreesYT what frreedom? fredom of lock yourself in the house?
@@dylreesYT Actually, we do have freedom here within the bounds of having the appropriate responsibility. We can do almost anything we want here as long as it does not cause others to suffer.
Exactly one mention of the country's very strong anti-government-corruption laws and behavior differentiating it from other countries. That deserved more attention for people looking to understand why Singapore succeeded the way it did.
I might be wrong but I think EE is fairly anti regulation. He seems to regularly undersell the role the government plays in his video, unless it’s to trash on a bad economy.
"and if their government doesn't use this power to benefit themselves" as someone who lived in Venezuela this sentence hurts
Sounds like alot of governments all over the world.
sounds like what a venexuelan in miami would say
Perhaps Singapore was just small enough for Lee Kwan Yew to see it as his personal 'treasure' while in Venezuela only the treasure within was seen.
As indonesian This really hurts us too, In terms of position we are the same as Singapore but corrupt politicians take everything
Yeah we Venezuelans are doomed!
Just been to Singapore. Incredibly impressive country!
I have lived in Europe for most of my life, and when traveling it's rare to see any country being not just an equal to Europe, but honestly far ahead in many categories.
And all you need is mass surveillance, no social mobility, and a draconian criminal code.
@@BenjaminHartleyReturns well, the willingness of people to move to Singapore shows that for many that's a price they are willing to pay
@@BenjaminHartleyReturns If your a billionaire/miljonair you would probably want that surveillance and draconian criminal code to feel save. XD Also social mobility would not be needed either I guess...
@@BenjaminHartleyReturnsI was born to a low income family. And now, I'm on my way to be a millionaire soon. And I know many born Singaporeans can. Serious.
@@BenjaminHartleyReturns you already sign your rights to surveillance away to private tech companies every time you download an app anyways, I might as well get good infrastructure and safety which I'm at it.
Lee Kwan Yew understood that ethics is a competitive advantage.
I love that take!
He also understood that jailing people for chewing bubble gum is the foundation for ethics.
@@Unknown-jt1joIt can be real petty sometimes, but not having legislators paid for by major corporations feels nice.
@@Unknown-jt1jo You do not get jailed for chewing bubble gum... You are just not allowed to sell gum in Singapore...
@@bulletflightcorporations only started ordering lawmakers in recent years . the gum and bar top dancing laws were already in place for decades. hong kong and macau never needed such ridiculous rules.
I personally think incorruptible system is the real biggest reason of making it happen and where Singapore is today.
Because the ruling party and opposition party to a certain extend knows corrupting the system is a death sentence to the entire country.
Lol that does not stop corruption. There is always corruption just happens less.
@@lombardo141We just make actions that would usually be considered corruption at the highest levels of government, not corruption on the books. While clamping down on low level corruption that is visible to the public.
It's sad that Malaysia is exactly opposite of Singapore in terms of man power and resources, but racism and corruption changes everything
@@lombardo141 you aren't wrong on this point but it depends how the Government Body react upon knowing this information. Are they going to make it slide under the rug or are they going to go it hard to sent the message.
Plus it also depends if the Government (or NGO Auditor) is proactively lurking in the shadow to keep everyone in check or reactively on the situation if the cat is out of the bag.
@@surinamesurnamehow so? Quite unlikely they will surpass our economy anytime soon
I think the most important factor in why Singapore is unreplicable is that combination of strong authoritarian one-party state while simultaneously having low corruption and competent government. The economic strategy is unique to Singapore's circumstance, but almost every country would be better off with a government like Singapore...
Too bad that making authoritarianism work is the truly unreplicable part and basically no one else can do it.
keep corruption away is the key ingredient
Taiwan also had a authoritarian one-party state with low corruption that did very well economically. The main differences being that it did transition to a democracy and that it never technically (although it did in many ways practically) become independent.
@@ganonk79everybody needs to remember all these countries are successful because the west, especially USA, giving them access to their markets. This was a conscious decision to help other countries. The stability provided by authoritarianism allowed these countries to take advantage of western generosity. Just like China has done.
@@popcorn6931Singapore and other authoritarian countries _are_ corrupt. The money and businesses are controlled by loyal supporters. Singaporean politicians are the highest paid in the world. It is just legal corruption. Legal because the ones in power make the rules.
@@TheBoobannothing generous about it. USA wants control over that part of the world. So it get these countries to gain control of them. The same reason why USA helped Germany and Japan after WW2. It’s to help create future customers and consumers to US markets. Nothing to do with generosity.
What I have learnt from this video: Singapore is a gas stop for ships using the Straits of Malacca. This video is simply amazing!
For that reason, it can also conclude a fact that *why Singapore is rich*
Malaysia and Indonesia are also countries at the Straits of Malacca, and have greater landmass to provide transshipment ports and sell oil to passing ships. Location alone cannot explain Singapore's success story.
@@atliyang i think Singapore is situated on the chokepoint of malacca strait, for that reason, it has more importance than Malaysia and Indonesia
@@satyasankalpapanigrahi9416 But malaysia and indonesia also have land that are at that chokepoint
And that place on the straits is why Britain went in to begin with.
Singapore is a city state. Imagine large capital cities if they were allowed to exclude citizens from moving there unless they were skilled.
Singapore can essentially deport non contributors. They have an excellent school system that instills discipline and self responsibility.
Yes, it’s a unique place but doesn’t mean no lessons can be drawn from it. For example, the Housing Development Board shows that government housing can be done well.
I did a presentation for my advanced macroeconomics course on the economy of Singapore. It's a super interesting and unique little country. The country was basically nothing in the 1950s when it became independent from Britain. Most people were illiterate at the time. In about six or seven decades, it went from virtually no gross domestic product to being 1/6th millionaires.
The way they do monetary policy is particularly interesting. It has led to some insane GDP contractions during the GFC, but their recovery was even more insane.
which college did you goto?
Hello may I have your paper/presentation on this perhaps? Very interesting!
I'm one of the 300k Malaysians who commute daily to Singapore. I would say Singapore is one of the most efficient country out there.. travelled to many places around the globe and most of them pale in comparison to Singapore, be it the public transport or the ease of doing business
I believe you are from Johor
@@Itsvivx99 yup I'm from Johor 😄
@@sandaverock Thank you guys for your contributions to the economy of Singapore. Malaysia will prosper with a good leadership and so much natural resources.
@@sandaverockthanks for working hard in Singapore. Singaporeans and Johoreans should remain as best buds. I need to go JB every month to destress! 😂
@@moonieek hopefully one day we will have good leadership like Singapore 😊
Singapore is such a nice place and I miss that place so much
A key factor was also in the education of the population. Compulsory education, as well as English being the main language of instruction, was a huge factor. My parents definitely made an effort back then to push us into this. Haha.
They maintain their Asian language the English language had nothing to do with their success
@@bouche8503 Wrong. English had everything to do with Singapore's success because the government made sure everybody learned English as a way to create an equal playing field among Singapore's ethnic groups (Chinese, Malays, Indians, Eurasians). English, along with Singlish, are the unifying languages of the people. The Asian languages (Chinese, Malay and Tamil) are taught as second languages in Singapore's education system per the mother tongue program.
@@user-jt3dw6vv4x incorrect English had nothing to do with their success
@@user-jt3dw6vv4x what changed Singapore was the focus on Asian culture, language and separating itself from others. Speaking English can’t do anything for anyone and does unify anyone it’s like saying people. LKY strong arm made them great.
@@user-jt3dw6vv4x how does speaking English build an economy everyone in ghana speaks English and the country is dirt poor and produces the most gold. English had nothing to do with it.
As a Singaporean that has watched alot of your videos, this is definitely one of them
There can never be another LKY, there can never be another Singapore. That single man's vision is stupendous and your economic outlook falls short of all the growth made in different sectors
Singaporean here, thanks for putting our tiny country on the map! Yes the GDP per capita figures are inflated, a better way to gauge actual afflence is median income, which is between 4-5k/mth.
4-5k/ month in SGD?
@@Unknowngfyjoh yes
Median and average income would drop to 3rd world levels should they include the cheap foreign labor that makes up nearly half the work force. Singapore is the same as countries like Saudi Arabia, Qatar, and UAE that exploit cheap labor to lower costs and boost profits.
@@sarabeth8050Facts! They import from all of SEA. Cambodia, the Philippines and especially Vietnam. They even use agents to search for workers. Pretty gross how they use other Asians.
@@sarabeth8050yes, but so? Why should the labor of poor foreign workers be included in _Singaporean_ wages? You are bringing in another issue. It is what it is, those workers are contributing to their own countries development, helped by Singapore. It’s folks thinking like you that stop countries like Singapore to be successful and why the west is in a mess.
you are an absolute genius. The way you look at the AZE300X charts is so incredible, so different from most other analysts out there.
What is AZE300X?
@@yaelcohen9360It's clickbait garbage.
I lost all my money using the scam AZE300X chart - avoid at all costs
I visited Singapore this year. It was pricey for me, but I felt as if I was in utopia.
you are indeed in utopia. Have you come across a single homeless, drunk, pickpocket, crackhead on the sidewalks. Many of those government flats you see can buy you some huge estate including castles in the West!
I visited sg, hated the fact that there are literally cameras in every corner, felt too intrusive. Also expensive relative to tourist destinations in neighboring Malaysia/Thailand. Literally nothing to do there but shopping.
@@alphaweeb5195I guess you were traveling on a budget. Because there is so much do see and do provided you can pay for it.
@@alphaweeb5195it’s much more fun for people with deeper pockets 😂😂😂😂
@@alphaweeb5195I feel like y’all are both right. It feels very artificial, but it is highly developed. Lee Kuan Yew did we he set it to do. Turn a developing nation into a developed nation in a generation. Unprecedented
As a Singaporean, good decisions by the government is probably the foundation to Singapore's success and extremely difficult to replicate.
Even the upcoming generation of government in Singapore itself may not be able to match the past standards.
They kill people for smoking pot, no thanks.
@@crying-croci think it being multicultural also had an impact cause they also had to make sure everyone was getting along together and the focus was building our nation
@@crying-croclol Hong Kong is richer than Taiwan. You're also forgetting that the entire East Asia outside NK has had massive economic booms
@@crying-croc That's kinda racist bruh...
@@crying-croc that’s what I’m saying, we should not take for granted Singapores effort to integrate all the cultures and favour any. Making sure hdbs had a mix of people made sure there was balance.
Key: no tolerance for corruption in government.
Key: be perfectly situated on the world's busiest shipping lane just as that region is taking off economically.
Good luck with that.
@@Unknown-jt1jowhat about japan then no natural resources and not even a route like you said but how is it theyre so powerful?
You can't get reported for corruption if other Ministers are doing the same. PAP rep will go into the toilet if they ever get caught so incidents are handled with the highest confidentiality.
@@jshbld6582Japan and Singapore cannot be just compared. Japan is rich since 19th century.
@@AmishKumar-lc7zs because unlike someo countries they are not lazy and civilized
A unique blend of opportunities and advantages plus the Luxembourg touch (external workforce) makes Singapore a country that will truly be hard to replicate elsewhere
Very interesting. The typical thing you hear is how it’s all down to low taxes and low government intervention but in actuality it is a mixed economy with central planning as well. Just good central planning.
being very small has its advantages. You couldn't do that in a large nation but when you are the size of a city...
Seem odd everyone is glowing over the property but.
Like Norway retirement, rent and mortgages are buffered from the peaks and troughs of the main economy.
@@brockwilkie6022you can actually do the same thing in large countries
You just need to build multiple Singapore in large counties and you can get the similar results
It is almost like cut and paste with some slight modifications
An example: You can see how China copies Singapore and achieves somewhat similar results
No joke
Singapore may be small geographically, but in terms of population size, it isn't small. It is more of a mid-sized country. It has as many people as Finland and Norway, more than Ireland, and Singapore population is nearly 4x that of Estonia. Out of 51 countries in Europe, Singapore would rank #28. Singapore also has more people than 28 of the 50 US states.
@@Cheesecake99YearsAgo China can't compare with Singapore.
Ultimately it's a combination of being perfectly situated on the Malacca Strait and having a authoritarian govt that was both consistently competent and resistant to corruption over the long term. If either of these key components were missing Singapore likely wouldn't be a shadow of what it is.
Singapore has a mandatory savings and provident fund system called the Central Provident Fund (CPF). Both employees and employers contribute a percentage of the employee's salary to the CPF. The total contribution can add up to around 37% of the employee's wages.
However, the employee's share (employee contribution) is usually lower, and it is meant to provide for retirement, housing, healthcare, and other needs. The exact percentages can vary based on the individual's age and income level.
Why did you just repeat what he said in the video as if you're contributing information?
Well, sounds like social security. US taxpayers put in 6.2% and so do their corporations. Up to to 150k or some such in 2022.
Contribution rates differ according to age of the employee, employees below 60 contribute a higher share compared to the employer. You can see the rate here: www.cpf.gov.sg/employer/employer-obligations/how-much-cpf-contributions-to-pay
@@tonycrabtree3416yup but a much lower rate than Singapore and politicians who pull money from it for other things in form of a loan that who knows if it will get paid back.
@@tonycrabtree3416 the difference is that Singapore actually invests that money instead of spending it.
As a Singaporean, I’ve been anticipating this video for a while now and it makes me really proud to be one. Thank you for doing a video on us 😂.
Just to add on, Singapore was fortunate to have someone like Lee Kwan Yew who had the foresight to role out policies which made singapore what it is today, although it is not without controversies.
But yes, we had all the right conditions and people for Singapore to be what it is today. It’ll be really hard to have another Singapore again
PS: hoping to get a pin and like from Economics Explained ❤
LKW was a man of the future.
An icon.
It’s incredible to see how modern his thinking was when one watches his old interviews
If I become king of the world, I'm making you guys rename your country "Singarich."
I hope Singapore won't become complacent... they have started raising taxes and the Workers Party seems to be popular with the young generation... don't give in to redistribution and government handouts !
Lee Kuan Yew was a genius
@@ordoabchao4202 The irony is that socialists now try to claim Singapore as a succes story for socialism... As in: "Look here is the example that socialism works!"
Socialism is a disease we will simply have to live dealing with....
Malaysia could have been as rich as Singapore if they have not treated Malaysian Chinese and Indian people as 2nd class citizens. In Singapore every race are equal and has equal opportunity in education and government positions.
Oh ya? I read news where singapore is not ready for non chinese leader
well except for the malays, but they do got it coming for them tho
The malays have been spoon fed for so long that they develop lazy bones.
We dont care about to be a rich.. you want rich you take it, we Malysia wouldn’t envy you.. all we love is quality life.. because your richness is nothing and that’s why Singaporean encrouching Malysia and stealing our subsidied fuel every weekends.. if we being asked to swap with Singapore, we will never want to swap..
It's a shame, as a Malaysian I think it's like we only focus on religion, not the economy 😢,
I have been waiting for this video for so long! Thank you very much for this amazing video!
Left unsaid in the video - your dictatorship country steals wealth from western countries that is meant to build hospitals and roads
Can you make more videos on the ASEAN nations? Maybe Malaysia, Thailand, and Vietnam?
Yes
Vietnam video was made a couple of years ago in 2021 unless I am much mistaken.
@@darkphoenix8350 oooh. I’ll have to take a look. Thank you
Great video that was mostly correct! Missed out for example the diversification of manufacturing, forward and long term thinking as a operating model, the growth of services, the drive toward digital transformation and I'd sure like to know where's the oil well that produces "very little oil of its own." In terms of raw materials, there is exactly zero.
Thanks for doing an episode on Singapore. :)
Thanks for leaving a comment!
Wendover: *Rwanda will be the next Singapore*
EE: *There will never be another Singapore*
Joke of the day.
Wake up. It will not happen in your lifetime or even the nex generations of Rwanda.
Singapore GDP per capita, US$91K, ranked 5th in the world.
Rwanda GDP per capita, US$970! Shockingly, it has not even crossed the US$1K. Rwanda is ranked 167th in the world or among the worlds’s poorest.
Wow! Thank you for this insight sir!
Hi there I just wanted to point out that Singapore has virtually no natural resources and we're not talking "despite having not much oil of its own" (13:03) it has no oil at all - we're talking not a single drop of oil. In fact Singapore's only real natural resources were some granite quarries which have long been exhausted and what's left of those granite quarries have bee turned into parks. This is why Singapore's success is even more astonishing because it is easier when you have some natural resources, even a little, to get your economy going but if you have virtually nothing except from a little bit of granite, well then - it has been said that the only resource that Singapore has is its human resource, thus the emphasis on education and training there. Look I don't wanna ramble on and on in a CZcams comment, but I would urge you to do your research more thoroughly as things like that are easily verifiable through a Google search.
not so much for human resource i think. some of the workers are from malaysia.
singapore also rules online shopping in sea and the bread market (gardenia) despite not growing a single stalk of wheat.
@@aimanazrie8944they're talking about intellectual resource
Not having any resources may have been Singapore's blessing in the end. Can you imagine if they had oil fields? No way Malaysia would have let them leave in the 60s and there would be nothing Singapore could do about it
Yeah that part about oil is a bit confusing. I think it means the final product of the refined oil
YES! I've been waiting since forever for Singapore to get placed on the Economics Explained leaderboard
Fantastic video, but one key ingredient that is always neglected are the people themselves. Singaporeans are some of the most hardworking, steely, educated and adaptable people in the world.
I think it is pretty awesome that you have gained the patreon of another great documentary youtube channel, wendover productions 🙂
Singapore is the definition of planning with foresight even more so than Norway, Israel, and Korea. I have never seen country with planning that take into account projection 10, 20, 30 in the future as in Singapore
China: hold my beer
The Singapore government is planning 100+ years into the future, they just don't talk about it
This was a very informative episode. I think to replicate Singapore’s financial success it’s necessary to achieve just a few things. It’s probably over simplifying it but, the necessary things are provide at least one service for global business and keep improving it. In Singapore it’s the transport of oil, in Taiwan it’s semi conductors while in Luxemburg it’s finance. Of course it’s even better to have another global service but that’s slightly distracting if the labour base is tight. With an essential global service comes a reliable source of revenue. Singapore parlayed that revenue into a couple of government backed industries together with the presence of a secular, and respected, legal franework. Finally, the icing on the cake, a strong academic establishment to provide good training facilities. Top it all off with a very firm leader and let it all cook for at least one, better two, generations. That’s it, another Singapore. Maybe it’s really too difficult given the state of the world, I don’t know!
singapore is majority chinese. that is the most important ingredient.
Most countries fail because their leadership have defective moral compasses. Some are self centred like North Korea, some are embroiled in religious nonsense like Malaysia and Turkey, some are constantly politicking for self benefit like Taiwan and India, some are aiming for religious martyrdom like Pakistan and Afghanistan. All these utterly stupid nonsense that they churn out for themselves only suffers the people.
Singapore has a very well developed banking industry as well. It is now considered the financial hub of our region and the country itself is making its way to be regarded as one of the main global financial centres
The current state of the world is definitely complicated. Don’t think there will ever be another Singapore per se, but other countries can def come close.
I guess some gov't intervention in the economy makes sense, as the free market would go for what's most profitable now, but that may not always stay true in the long term, but it makes sense for intervention to be comprehensive too e.g. besides providing funding in the short term I believe S'pore's gov't also invests significantly in longer-term needs e.g. education, industrial infrastructure, and with fiscal discipline. I think the gov't also works hard to stop people from dropping out of school as such people may be more likely to be attracted to criminal groups, which helps lower the country's crime rate.
An accurate analysis of Singapore! I am impressed.
Again great video, you never disappoint mate. Ever thought about doing a video about Portugal?
Excelente video, muchas gracias por compartir tu experiencia
As a Singaporean… I believe there really will never be another Singapore from an economic perspective.
I hope so, the world doesn't need another Singapore stealing business wealth from other countries by cheating.
Perhaps try to develop your own country instead of undercutting everyone's else's country, it's nothing to be proud of. You r the Texas of Asia, without the development
Taiwan, Hong Kong, Japan, China.
The only thing they cannot "compete" is the land and housing policy. More than 90% of the land belongs to the government, that is why it is easy for Singapore to have good land planning for housing and infrastructure.
@@TheBoobanChina is a poor country
I would love to see a video on the economics of overseas territories, especially from the Netherlands, France and the US.
I see a slight different editing style and some different animations, looking good!
There will never be another Singapore, because there will never be another Lee Kuan Yew. The greatest nation builder in the history of the world.
that's nonsense. he succeeded with a tiny nation in a great geographic location. that's nothing like the challenges of running a large country of hundreds of millions across hundreds of thousnads of km2. you can't make that sort of comparison, and you sound like a jingoistic cheerleader doing so.
More like the greatest mayor in the world. Singapore is tiny. It's a "country," sure, but that's an accident of history.
@@perfectallycromulentSingapore had the exact recipe to become a Lebanon, actually.
@@perfectallycromulent bro, explain why Malaysia is closer to mud every single day then, it has 10 times the advantages Singapore has, and none of the disadvantages of Singapore
@@benishben4364malaysia is not chinese. that's it's disadvantage.
It's not very easy to find an authoritarian leader who actually cares for the people and willing to put in the effort to help them grow without the murder of political dissidents and the resultant fear from both the population and foreign investors
Not to mention not being very corrupt
Most of the world chooses democracy (or a barely convincing facsimile) coz nobody who goes that far in politics to become a leader of an entire nation has clean hands
This video combines relevant observations with a bizarre conclusion. Declaring that there will "never" be another Singapore because it developed in its particular set of circumstances, is like observing a student ace a physics exam, and then declaring that no other student will ever be able to ace a physics exam because future exams will use different questions, and future students won't be able to copy and paste the answers from this exam in their own future exam.
Singapore did well because it competently played the hand it was dealt, and consistently (and competently) recognised and acted in its long term interests.
To be sure, it is remarkable how it was able to consistently act in its long term national interests, and avoid common pitfalls. To draw a comparison using an example mentioned in the video, Singapore benefited immensely from having access to foreign (Malaysian) labour, but this required an ongoing commitment to ensuring that foreign workers were welcomed. Contrast this the typical political discourse you might see in most Western countries, where it is all too easy to come across the sentiment that "foreign workers are stealing our jobs" - with a resulting political backlash.
Perhaps more important was success of Lee Kwan Yew in establishing and leading a government that was simultaneously competent, free from corruption, and that consistently acted in the long term national interest (in general).
With this combination of factors, Singapore was able to develop and execute a strategy for success that was appropriate to its circumstances. Indeed, I would suggest that these are essential elements of success for any country. Getting an entire team of people (because it takes more than a single brilliant leader) running the country that meets this criteria has historically been challenging - but as Singapore has demonstrated, not impossible.
Great stuff EE team.
I'd recommend a multi part series on Guyana. Given that they are now going to capitalize on their vast oil reserves.
Dutch curse?
Ill-fated victims of their geography?
A burgeoning success story?
They claim to have learned the lessons from their less than prosperous neighbours and have set up a Norway style sovereign wealth fund, but then again so had Trinidad and Tobago...
The safest place in the world to live in. The police are unbelievably clean &. polite and so gentlemanly unlike any other place in the world. The hospitals are so well run & the best. There is nothing to complain about when living in Singapore. The best airport in the world.
Try becoming a suspect or case of misunderstanding
Thats when there no misunderstanding
Singapore could be replicated with ease in almost any place, what doesn't align to do it are factors that lead Singapore to be that outlier, like a Goverment that's efficient and actually work for it's people and is resiliente to learn from mistakes (not make demagogue politics out of it), citizens that are willing to work to death to get out of poverty and so on.
The geographical placement contributed greatly. The good governance enabled a flourishing use of that advantage.
There are a lot of citizens in other countries that works to death to escape poverty, its the system that fails them
Didn't Lee Kuan Yew also homogenize the country by breaking up the ethnic ghettos and forcing everyone to mix up? If this helped forge the new Singaporean identity, this would've significantly dropped the tension and made things easier.
Ya. Singaporean first, Chinese/Malay/Indian/European second
Actually the 'Communal Savings Fund' can not only be used for Subsidized Housing. It can also be used for Private Housing. There are limits and terms for the use of monies especially when you sell the property.
Singapore is a very cool little country.
Can you address the end of growth and peak oil?
Everyone wants to look and be as nice as Singapore but aren’t willing to execute criminals and be extremely harsh on crime and disorder
You're barking up the wrong tree. (Well, not wrong, but not the most important tree).
The biggest criminals in most countries tend to be the politicians and those in charge - who practice corruption and run the country badly. That does way more damage than petty crime and disorder that any street-level crooks can ever do.
Most people aren't willing to stop cutting corners, taking kickbacks and running things properly.
That most countries run by corrupt politicians tend to also coincidentally suffer from a lot of crime and disorder is the symptom, but not the cause, of a rotten country.
@@andrewrollout1657 @azeria1 is right actually. Being harsh on crime and disorder ensures that none of it makes its way up to politics. Corrupt politicians can only have their way so long as they have criminal henchmen doing the dirty work out in the public.
the west can never be Sg not even 10%. It's the people's attitude and mentality.....when in the West its politicaians told people to cohabit with junkies pickpockets zombie crackheads..
Right, Scandinavian countries aren't criminal dens despite the lack of capital punishment or even harsh prisons in general.
@@doujinflipim from Sweden. It sure is a criminal den. Imported criminals.
That airport is amazing
Please do an episode about Belgium!
Well done Singapore and greatly admirable for the TRUE LEADER you guys had, he was like a strict father in the Bible who punish the wrong and made wise decision for the people.
It is rare, truly rare to have leader who put people first before enriching themselves. Because riches and power would eventually come as long as they run their country first and make it great.
- Malaysian
"still suffering from a long history of occupation" bro, the Brits literally created it. Like Hong Kong, there was barely anything there, a village of fishermen. They built it up as an entrepot. It was important enough to warrant inclusion into the Malaya Federation as its own member. It is it Lee Kuan Yew's merit that he rode the wave of globalization, but Singapore was a thing even before the 1950s.
Noticed that too. Singapore is not like other countries belly aching over colonials for all their problems. They benefited alot from the British.
Still occupation
@@TheBoobanSingapore didn't benefit much from the British. You're giving the credit to the British they don't deserve. If the UK was even half as good as you make it out to be then all of its colonies would have been rich or much better off than they are.
Also not one is belly aching about colonialism in the countries that were once colonials. We are have more I portent matters to deal with.
Thanks!
I've lived in Singapore for over 50 years and never knew Singapore has it's own oil, no matter how little of it (13:01)! Thanks for informing!
There have been a few technological firsts that Singapore pioneered, such as the Mp3 player (and a proprietary interface system) and the thumbdrive, but we got upstaged by certain US companies which "stole" these ideas, hence there havent been any major internationally recognised Sg firms. Case in point, Creative (the company which produced the Soundblaster music / sound chip for PCs back in the 80's) got waylaid by Apple. It sued Apple for copyright infringement and won, but Apple was just too big of a brand to compete with.
Me *looks up wikipedia article on MP3*
Hmm... don't see any Singapore or US involvement here. No Singapore invention, no US theft.
Singapore also invented the toffee and trouser-belt!
@@Mike-fx4nuyou based on Wikipedia where anyone can write anything? Try searching up company Creative, the guy who came up with soundblaster. Sadly, his tech (I think his name is Sim Wong Hoo) which in its time was the forefront but now a bygone era.
@@Mike-fx4nump3 wasn't invented by singapore, I think. i'm pretty sure it's the sound card if I recall from watching business news in the 90s
@@endi4654 "anyone can write anything"
Yes, I'm sure there is a conspiracy to hide all of it.
It's one of the classic city states .
Creating the right environment at the right time can be duplicated.
Qatar was the most recent one ( I think)
Qatar isn't really the same as Singapore at all. Singapore is much nicer and better organized. Qatar is reliant entirely on its oil, while Singapore has a diverse economy. I've been to both, but Singapore is obviously the nicer state.
Qatar has the unfortunate addition of being in the Middle East. The weather alone is a big damper.
Another great video!
Definitely you must have started earning from the leading company where you can grow your capital by investing in oil there I make about 50k every month
I tend to be confused when some developing country wants to be (insert Asian developed economy) of (insert continent). Almost all of them had little to no resource, they threaded a series of historical needles, and made critical tradeoffs unique to each country. Even when we ignore the matter that the world does not need a second country with overlapping competitive advantage, you don't want your country to be Singapore, Taiwan, etc. All of them started on hard mode. You don't want your country to be on hard mode.
Not to mention, even after their success, the citizens that keep the country propped up are still running daily challenges on hard mode. Life isn't like the US where ever since they exited WW2 as the biggest economy on the world stage, they could just let capital and the international brand name pick up the slack for them. Singaporeans and Taiwanese are forever in eternal resource guarding modes just to survive and maintain their economic position and it is incredibly stressful.
Love this comment! Sometimes it feels like to be successful and punch above your own weight, starting on hard mode helps. If you thread the historical needles, as you brilliantly put it.
As much as our national pastime is complaining about the government and the weather, we will quickly realise our country is really quite a lovely place after travelling overseas
It's disheartening to see how things have changed. With industries and companies leaving, and the rising unemployment rate, it's becoming increasingly challenging for people like me. Many experienced individuals are burdened with debt and families to support, making them more willing to accept lower salaries. The dream of a "Utopia" life is slipping further away as we find ourselves becoming more affordable, yet struggling to maintain the quality of life we once aspired to.
This is a real comment. People don't see it
The westerners think that Singaporeans are all rich and there a comment that someone is a millionaire soon and was born in low income
Good stuff
I just started my university economics course, in my head I keep reading the textbook in an Australian accent.
AZE300X is more favorable with government and it will probably be the one that government institutions will rely on. Still worth holding both.
I lost all my money using the scam AZE300X chart - avoid at all costs
3:19 you seemed to have gotten the historical examples of India and Indonesia mixed up. Indonesia had to fight a long independence war against the Dutch following WW2 whilst India gradually negotiated their independence, the two visual examples should be swapped
True
Never underestimate the value of being seen as 'a safe pair of hands'.
Singapore is strategic and paradise spot in south east asian.even in asia
Thats why
Singapore success is due to good leadership, hard working population, inflow of investment and talented hardworking people. China also learnt from Singapore and the first Su Zhou Special Economy Zone are created with the help of Singapore. Singapore success can be replicated. Special Economy Zone in China are basically Singapore clone.
After Deng Xiao Peng visit Singapore, he realize China can replicate Singapore success by turning all the cities in China into Singapore. Therefore, countries with more resources can replicate Singapore success if they have good leadership. There are some rules that need to be follow in order for Special Economy Zone to work. Tax incentive to attract foreign investors + High salary to attract talented people + High working population.
Problem is that an authoritarian ruler who is willing to spend his life building a nation and retain integrity throughout all the way like Lee Kuan Yew only came across once every a thousand years or so.
Amaravati is supposed to be a Singapore replica in India and pioneer for 800 Indian cities.
Mainland China likewise screwed it all up because they continue to carry much more domineering interests, punishing Party members only for failures of results instead of wider failures of integrity.
You forgot one thing. USA allowed tariff free exports to their country. Unlike China.
@@NewmaticKepipe dream
Just been to Singapore. Incredibly impressive country!
Singapore is my favorite country on Earth 🙂🇸🇬❤️
Singapore got rich by attracting businesses to stay there with low regulations, and then got everyone to save money for the future. Even though Singapore has some taxes that are high, most of the taxes that would affect a normal person are low. For example, most Singaporeans don't own cars so the higher road tax doesn't matter, but most Singaporeans do earn money so the low income tax does matter. The only exception to this are the property taxes, similar to Texas. Singapore's geographic position does help it a lot, but Malaysia has the same locational advantage and many other places like Egypt, Djibouti, Panama etc have similar geographical benefits from their location.
Singapore has been lucky throughout it's post-independence history, but it has still used its economic policies to utilise that luck effectively, economic policies that can be used elsewhere.
All thanks to the British who recognized its geographical potential and so built up the foundation.
".. low regulations" : no.
Singapore been a huge beneficiary of capital inflows from mainland chinese. I wonder if the ccp will ever require the repatriation some of their nationals and capital now that its economy is sinking
@@jonb5493 Singapore often ranks as the highest country in the Ease of Doing Business Index.
Another thing it has is cost of living. Beside the luxury goods and things which has high import tax, cost of food and stuff are really cheap. You can buy a meal at a restaurant or food vendor (outside the the tourist areas, go where the locals buy from) at like a quarter the price of same thing in Australia or the US. And with similar income per person, that means a lot.
what about buying a house? I hear that apartments are incredibly expensive so you have to be ultra rich to buy a house.
@@kiyoponnn don't know much about buying houses, only stayed there for a while on holiday few years a back. but I heard most people don't buy or own houses, they got a massive government run social renting system.
5:25 - The employer's portion for CPF is 17%, not 16%
could you do a video about the current situation in turkey
Someone should bring up the underrated factor in Singapore's success is our focus on building strong families and homes :)
This is truly the make or break of all societies.
I see a lot of countries that have strong families for e.g. Italy, Fiji, Samoa, etc. but their economies are not as strong.
@@ChyeahWill yes indeed. Fundamentally families... theres a lot more u can achieve once u have ur fundamentals:) or a lot more u dont achieve despite fundamentals :)
@@SiNNEi2 is that why your population is shrinking?
Actually it just went up the past two years. Also fundamentals of families boils down to sticking together instead of divorcing etc. @@harukrentz435
Basically punishing people for crimes works
yet up to today people in the West are still debating on this and have been for the last 50 years...hahaha....
Can you make a video about El Salvador? They’ve been doing prett well lately.
@EconomicsExplained, thanks for this, that was a great video!
Just when you've mentioned the list of countries by gross national savings, I don't think this list should be used to picture "how much each individual saves on average" since it's figures are calculated using personal saving, plus business saving, plus government saving. So, for Ireland for example, I find very unlikely that each Irish person saves on average 61.2 percent of their income and absolutely impossible that their median savings is 61.2 percent of their income. It's possible that, for Ireland, those figures can be distorted by business saving.
In any case, I just wanted to point out this one thing. I'm with you since the Norway one and I really enjoy your videos, please continue with your great work.
A clean Government focused on wellbeing of its people is what resulted in Singapore's current standing.
As a singaporean, I am so proud :) many of us dont show much gratitude for our huge economic progress and our early leaders, but it really is extremely commendable to get to where we are now !
You built a great country. Don't become complacent. Never give in to socialism.
Crazy concept! Successful economies long-term require economic planning at a national level! Results always exist downstream from structure.
Another thing you forgot to mention were all of the GLCs and SOEs in Singapore, which is a far cry from the free-market utopia it is idealized as.
Singapore is such an intersting city state, is there anywhere else like it you think?
Interesting you mention AZE300X :) worth looking into given their dominance in the e-commerce industry
What is AZE300X?
@@yaelcohen9360It's clickbait garbage. Don't worry about it.
Part of a very important coin been talked about in the BCL
The cost of registering a car is completely sane. A few moments later you mention why. Singapore is tiny!
The capitol of dirty money in Asia!!!!!