Singapore Democrats, 27 Jan 2009
The Wall Street Journal recently wrote that Singapore's corporatist model needed a rethink. While the newspaper did not elaborate on what corporatism meant, it gave readers a glimpse into how the economy functions under such a model by highlighting, for example, how the PAP Government hoards CPF savings.
It noted that "Singaporean workers and businesses invest a total of 34.5% of wages into the state pension fund, but receive less than a 2% return from the government." Compared to returns by private funds over long investment periods, this payout was "measly".
Such an arrangement is possible only in an autocratic state. In places where free media exist and the people can freely choose their leaders, such exploitation of the state would not last long.
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