The Singapore Model?

[ibaghdadi]

From Wikipedia's article on Singapore's economy:

Its innovative yet steadfast form of economics that combines economic planning with free-market has given it the nickname the Singapore Model.

Recently this has become one of those "standard replies" when you argue for less government intervention in the economy or for Austrian school economics.

My reply always is that Singapore has less government intervention in the economy than the USA, and if anything is testament to pure capitalism. I also feel that the Singapore Model may work for a small country but won't scale well to large country such as the USA.

But of course, the response comes back that Singapore "proves" that the government should be a strong player in the economy.

Anyone care to improve on that? I looked on Mises.org but found nothing (although I found out there's a Singapore chapter of the Von Mises Institute

 

[Imaginos]

There's a reason why Jim Rogers moved to Singapore.

 

[Blueskies]

Tell them to wait 12 months. Singapore will go down in flames along with China.

The market always, always wins.

 

[Demigod]

For small countries more centralized markets work better.But for a 300 million country its impossible.Cause it takes too much administration to cover everyone.

 

[Jeez]

Tell them to wait 12 months. Singapore will go down in flames along with China.

The market always, always wins.

And why is that, how long have people predicting China's collapse why is it hard for people to accept that China will surpass US by 2020 (India in 2025).

 

[1000-points-of-fright]

I lived in Singapore from 1970-1980. It was fine if you were a kid who's only concern was playing outside with your friends or an adult over 40 who's wild years are behind them. But if you were in between forget about any kind rebellion, experimentation, or outsider behavior. Men were not allowed to have long hair. Any drug offense was pretty much a death penalty. Movies and TV shows were edited. Definitely not the place to go to "find yourself". But other than that it was clean, safe, and prosperous. Looking back, from what I've read and seen, economically they were awesome. Civil rights-wise (from our point of view) not so much.

Oddly enough, when I lived there the red light district was pretty much left alone. Then later I understand it was co-opted and regulated by the state. Haven't really kept up with things so I don't know what things are like now.

 

[Blueskies]

And why is that, how long have people predicting China's collapse why is it hard for people to accept that China will surpass US by 2020 (India in 2025).

China is going to make the housing bubble look like a joke. Give it another 12 months.

 

[Jeez]

China is going to make the housing bubble look like a joke. Give it another 12 months.

Considering the rate is in double digit and most buyers put down on average upto 50%. How exactly is that a bubble.

 

[Becker]

From Wikipedia's article on Singapore's economy:


Recently this has become one of those "standard replies" when you argue for less government intervention in the economy or for Austrian school economics.

My reply always is that Singapore has less government intervention in the economy than the USA, and if anything is testament to pure capitalism. I also feel that the Singapore Model may work for a small country but won't scale well to large country such as the USA.

But of course, the response comes back that Singapore "proves" that the government should be a strong player in the economy.

Anyone care to improve on that? I looked on Mises.org but found nothing (although I found out there's a Singapore chapter of the Von Mises Institute

Singapore has a free economy, but don't forget what else they have.
http://en.wikipedia.org/wiki/Capital_punishment_in_Singapore
http://en.wikipedia.org/wiki/Misuse_of_Drugs_Act_(Singapore)
http://www.channelnewsasia.com/stories/singaporelocalnews/view/1105496/1/.html (low birth rate is the standard mark for a responsible society)
And yes, Singapore is also extremely small (270 sq mi) with an overall low population (5 million)

 

[GopBlackList]

Can someone enlighten us what this Chinese bubble is all about?

 

[Jeez]

Can someone enlighten us what this Chinese bubble is all about?

May be all the gold the Chinese consumers are hoarding are made of Tungsten

 

[RabbitMan]

Can someone enlighten us what this Chinese bubble is all about?

I think it is somewhat in reference to this:

 

[CaptainAmerica]

I thought this was about a super model

 

[Feeding the Abscess]

I think it is somewhat in reference to this:

Just like in America. Guy is mad about high prices due to government interference, says government should intervene and bring the price of housing down.

 

[Keith and stuff]

Hong Kong and Singapore have the least regulated economies. However, they have nothing close to complete economic freedom. They are certainly examples of a much freer economy being near economies that are much less free. They do very well economically while the less free nations near they do worse. They both have very few natural resources so both of these places are actually at a disadvantage and yet, because of their relative freedom, they prosper.

http://www.heritage.org/index/ranking

 

[ibaghdadi]

There's a reason why Jim Rogers moved to Singapore.

He has always maintained that Singapore has more capitalism than America and that it's easier to do business there. World rankings of economic freedom agree with him.

However the main point is - is the "Singapore model" fundamental against Austrian economics? Or is it a confirmation of it? I haven't found anyone answer that yet. Most people understand the "Singapore Model" as a mixed economy with strong government involvement, much like present-day China. I tend to think that it can work for a small country but not a continent-sized country.

And why is that, how long have people predicting China's collapse why is it hard for people to accept that China will surpass US by 2020 (India in 2025).

If you've been listening to some of Schiff's vlogs, he's always maintained that China will have a "hard landing", one which they can still walk away from and survive due to their high productive capacity.

However, Schiff seems to discount the social problems that come with such a hard landing. He seems to put forward the proposal that the Chinese can consume their own products, but most China analysts I talk to say that the Party in China sees consumerism as a social threat they are not willing to risk.

Do you know that an American Idol kinda show that had 40 million weekly viewers was scrapped recently, because it featured a "vote-like selection process"?

Can someone enlighten us what this Chinese bubble is all about?

Massive over-investment in housing. It's estimated that over 60 million homes are vacant, including entire cities ("ghost towns"). This makes China's housing bubble a whole 5 times larger than the US's. Just google "China housing bubble". It's gonna be bad, very bad, when it pops, and there are strong signs that this is coming soon.

 

[down_south]

From Wikipedia's article on Singapore's economy:


Recently this has become one of those "standard replies" when you argue for less government intervention in the economy or for Austrian school economics.

My reply always is that Singapore has less government intervention in the economy than the USA, and if anything is testament to pure capitalism. I also feel that the Singapore Model may work for a small country but won't scale well to large country such as the USA.

But of course, the response comes back that Singapore "proves" that the government should be a strong player in the economy.

Anyone care to improve on that? I looked on Mises.org but found nothing (although I found out there's a Singapore chapter of the Von Mises Institute

Okay, a couple of things. This is from the Singapore Democrat web site listed under their objectives:

"To build an economically stable and progressive nation based on the free market system where private entrepreneurship is encouraged and direct Government participation in business is minimized."

Now, when was the last time you saw something like this on the American Democratic party web site? There are many people in Singapore who know what does work and what doesn't work. For example, you should ask these people arguing with you if they know that Singapore does not have a minimum wage. Many federal governments around the world have implemented a minimum wage but the Singapore government has not. Good for them.

Another thing you can't ignore is Singapore's society and attitudes. Forget economics for a second. I went to Singapore a couple of years ago and was talking to a guy there. As far as social issues go, you will face the death penalty for having drugs (not the electric chair, a hanging). One person mentioned earlier on this thread about men being jailed and we all remember the incident with that American kid being caned for spray painting cars. Regardless of whether we agree with what they do, Singapore runs a pretty tight ship and because of this Singapore does not have to spend so much on the welfare state and fighting drugs which are likely two things the people arguing with you like to see the government doing.

 

[Becker]

Okay, a couple of things. This is from the Singapore Democrat web site listed under their objectives:

"To build an economically stable and progressive nation based on the free market system where private entrepreneurship is encouraged and direct Government participation in business is minimized."

Now, when was the last time you saw something like this on the American Democratic party web site? There are many people in Singapore who know what does work and what doesn't work. For example, you should ask these people arguing with you if they know that Singapore does not have a minimum wage. Many federal governments around the world have implemented a minimum wage but the Singapore government has not. Good for them.

Another thing you can't ignore is Singapore's society and attitudes. Forget economics for a second. I went to Singapore a couple of years ago and was talking to a guy there. As far as social issues go, you will face the death penalty for having drugs (not the electric chair, a hanging). One person mentioned earlier on this thread about men being jailed and we all remember the incident with that American kid being caned for spray painting cars. Regardless of whether we agree with what they do, Singapore runs a pretty tight ship and because of this Singapore does not have to spend so much on the welfare state and fighting drugs which are likely two things the people arguing with you like to see the government doing.

Add this to the list
http://en.wikipedia.org/wiki/Chewing_gum_ban_in_Singapore

Not enough? let me remind all of you, Singapore is a very NORMAL Asian country, in that they don't open their borders to immigrants and have no shame in being racist towards foreigners.

Free market? Libertarian? Model?

 

[Cutlerzzz]

http://www.tomwoods.com/blog/whats-really-happening-in-china/

 

[Jeez]

Add this to the list
http://en.wikipedia.org/wiki/Chewing_gum_ban_in_Singapore

Not enough? let me remind all of you, Singapore is a very NORMAL Asian country, in that they don't open their borders to immigrants and have no shame in being racist towards foreigners.

Free market? Libertarian? Model?

Hmm Singapore has large population of Indian immigrants and even adopted their language as an official language...