Singapore: Growing Wealth, Poverty Avoidance and Management

Abstract

In its short history as a city-state, since 1965, Singapore has transformed itself from a declining trading post in the twilight of the British Empire to a first world, capital-exporting economy. This economic success has given this city-state a voice in the global economy beyond its small size. Detractors may dismiss Singapore’s economic success on account of both its smallness and its authoritarian political regime. For the more than three decades under the first Prime Minister, Lee Kuan Yew, leader of the People’s Action Party (PAP) which has been in power since 1959, there was ruthless suppression of dissent and opposition in the early days of its ascendancy to absolute political power. In subsequent years, the party modified election rules and procedures, practically ensuring its return to power in the five-yearly general elections. Undoubtedly, the absence of opposition shields the public service and enables the government to set and implement long-term plans without disruptions.