Singapore #3: Post-Malaysia Transformation
Singapore’s famous PM, Lee Kuan Yew, built world class infrastructure, provided political stability and gave tax incentives to court foreign investment. He took measures to shift the reliance on the port to labour-intensive manufacturing. Everyone can’t afford to live in Mumbai. But for a Singaporean, there is no other city or town to go! Lee therefore provided affordable housing for all. Like India’s Provident Fund system, he forced employees and employers to contribute to a retirement fund. He then allowed citizens to tap into that PF-equivalent to make payments for the housing. Lee made the judicial system predictable and honest, a key attraction for investors. He also raised government salaries so corruption wasn’t a “necessity”. And then he came down with an iron fist on corruption. He institutionalized racial harmony by recognizing four official languages (English, Mandarin, Malay, and Tamil) and made English the working language to seamlessly conn...