Here's how to do it - Singapore and Lee Kuan Yew

Lee Kuan Yew died a few days ago - he was the person who brought the nation of Singapore from a backwater to an amazingly sucessful country.

Great writeup at The National Review:

In Singapore, Lee Kuan Yew Built a Welfare State That Works
Obituaries of Lee Kuan Yew, the first prime minister of Singapore who died this week at age 91, broke down into roughly two camps:

He was a hero, building a “clean as Disneyland” republic that runs like a Swiss watch.

He was an autocrat, who built a successful economy but crushed opponents and journalists who challenged his “managed” democracy.

Both statements have big elements of truth. I take a third approach, based on a fascinating visit I made to Singapore earlier this month. Lee Kuan Yew, a member of Britain’s left-wing Labour party while a student at Cambridge, managed to create a workable welfare state, one that provides for people without creating Social Security–like Ponzi schemes or unsustainable entitlements. Both liberals and conservatives have much to learn from what he built, the details of which are missing in most of the tributes to him.

Lee’s first priority when he became prime minister in 1959 was to reimagine Singapore’s economy. “Back then, this place was a swamp, with no natural resources, and it even had to import its drinking water from Malaysia,” Jim Rogers, a noted American investor who has lived in Singapore for nearly a decade, told me during my visit there.

By embracing free trade, capital formation, vigorous meritocratic education, low taxes, and a reliable judicial system, Lee raised the per capita income of his country from $500 a year to some $52,000 a year today. That’s 50 percent higher than that of Britain, the colonial power that ruled Singapore for 150 years. Its average annual growth rate has averaged 7 percent since the 1970s. “A 2010 study showed more patents and patent applications from the small city-state of Singapore (population 5.6 million) than from Russia (population 140 million),” noted economist Thomas Sowell observes.

But that wealth wasn’t used to create a traditional welfare state. Economist Mark Skousen notes that Singapore is rated along with Hong Kong as one of the two most free economies in the world. Any expansion of government is gradual and grudging. In 2013, when Singapore broadened its medical-benefits program, the local Straits Times newspaper made clear the government’s philosophy: “The first [priority] is to keep government subsidies targeted at those who most need them, rather than commit to benefits for all. Universal benefits are ‘wasteful and inequitable,’ and hard to take away once given, [finance minister Tharman Shanmugaratnam] said.”

That mindset is embodied in Singapore’s philosophy of welfare, which rests on four pillars:

Each generation should pay its own way.

Each family should pay its own way.

Each individual should pay his own way.

Only after passing through these three filters should anyone turn to the government for help. But it will be there when needed.

This nation could be a force of nature (for good) if we adopted these pillars. Instead, we seem to be well on our way to adopting these:

1. Abolition of private property in land and application of all rents of land to public purpose.

2. A heavy progressive or graduated income tax.

3. Abolition of all rights of inheritance.

4. Confiscation of the property of all emigrants and rebels.

5. Centralization of credit in the hands of the state, by means of a national bank with state capital and an exclusive monopoly.

6. Centralization of the means of communication and transportation in the hands of the state.

7. Extension of factories and instruments of production owned by the state; the bringing into cultivation of waste lands, and the improvement of the soil generally in accordance with a common plan.

8. Equal obligation of all to work.  Establishment of Industrial armies, especially for agriculture.

9. Combination of agriculture with manufacturing industries; gradual abolition of the distinction between town and country by a more equable distribution of the population over the country.

10. Free education for all children in government schools. Abolition of children's factory labor in its present form. Combination of education with industrial production, etc. etc.

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This page contains a single entry by DaveH published on March 27, 2015 5:05 PM.

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