Singapore was once a country with the most slum areas in the world because of so many poor people that live in it. But because of the housing development policies established by the housing board , Singapore was slowly transformed into a megacity that aided its citizens to slowly move out of the slums into planned housing facilities. Alongside better job opportunities, living in a better home greatly improved the condition of the locals. Singapore also focuses on the technological sector, making it a regional hub for some international companies.
The Singaporean government motivates free-trade , which aided the country in obtaining numerous international investment opportunities from multinational giant companies. Aside from this, the country is also considered as a regional hub for foreign exchange, where its GDP significantly benefits. From being one of the most corrupt countries in the world when it gained its independence from Britain, Singapore now belongs to the top ten in terms of being an anti-corrupted country.
The financial and economic policies of the country are all geared to keep the country free from corruption and political turbulence. Thus, funds were properly allocated to help its citizens get out of poverty and transform the country into one of the most successful countries all over the globe, with a per capita income that even surpasses European and other Asian countries.
His strong financial and economic policies ensure a corruption-free environment in the government. He also limited the operation of foreign banks and rather encouraged the development in the technological sector. One of the founding members of the party, Lee Kuan Yew, served as the first prime minister of Singapore, governing for three decades.
Lee maintained very strict one-party rule through various institutions, such as gerrymandering, which in turn gave him enough power to realize his grand vision for a small city-state. This stable one-party-rule political system has provided a fertile foundation for economic growth. Combined with the charisma and leadership of a visionary leader, Singapore was able to develop and outshine many other developing countries. While providing stability, the Master Plan is flexible enough to allow amendments as circumstantial needs arise from time to time.
South Korea offers a counter-example, where a change in government can completely overturn policies implemented under the previous regime. For instance, the dismantling of nuclear power plants in a matter of years after President Moon-Jae-in came to power, thus destroying an entire industry that had grown over past decades, simply shows how important it is to have policy stability when it comes to long-term planning.
The status of Singapore as a stable place to run business is also in stark contrast to Hong Kong, which is another city-state with a reputation as being business-friendly and has attracted many investments in the past. Recent political instability in Hong Kong shows how political risk can negatively affect business sentiment.
Many bright Singaporean youth go overseas to study under government scholarships. In return, they are obliged to return to Singapore and work in the public sector for several years. Moreover, Singapore has a long-standing high-wage policy for civil servants.
The government reviews and amends salaries regularly to ensure they are competitive. These policies are based on the belief that a well-paid civil servant is highly unlikely to engage in corrupt practices. However, when corruption does occur in the public sector, the government ruthlessly punishes the wrongdoers. With this carrot-and-stick approach, Singapore has created a public-sector environment where talented citizens like to work and contribute to society. One example of the resultant efficiency is the Ministry of Transport.
Currently, the ministry is taking a hybrid approach to the public transportation system , where it combines the responsiveness of a nationalized system with government overseeing bus services, rail lines and operating standards and the efficiencies of the private sector with private companies operating buses and trains.
Singapore is well known for low tax rates. Income and corporate tax rates are among the lowest in the world. So, Govt. In the Housing Development Board Act was formed especially for this purpose. With this step, the ministry holds power in the labour division and makes it profitable. To get a stable revenue, Singapore turned the Public utilities, transportation, healthcare and telecommunications sector into private while kept control with holding most of the share by the government-owned companies.
Do you know why the British wanted to make Singapore part of their colony? Singapore developed its ports with new technology so that they could process more products. Singapore is famous for its Non-Aligned Movement. It means Singapore supports no specific group. So, they can establish relationships with any country they like. Singapore always tries to maintain friendly relationships with these countries, but mostly they prioritize Malaysia, Indonesia, and ASEAN.
Singapore prevents any acts that make its neighbours unsecured. Singapore is one of the countries that have racial and religious harmony. Singapore has a multi-culture, multilingual, multinational people. Singapore uses English, Malay, Mandarin and Tamil as their official language. It shows how multi culture people live in Singapore with harmony. Lee allows MNCs where most of the countries try to avoid them. Singapore is very hard on crime control. To control uprising crime, the Government improved the Internal Security Act that authorizes the administration to arrest any citizens for an indefinite time without any trial.
Authorities use British laws in cases of organized crime to detain criminals. Meritocracy is a political system where people choose to run Govt according to talent or ability rather than their richness or social class. Singapore follows Meritocracy policy in its all aspect. In Job, politics, they prioritize Meritocracy rather than mediocrity.
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