Singapore is one of the smallest countries in the world. It is no more than a few square miles and it is so densely packed, there are millions of people in a single space. Even though this country used to be part of something far larger, it is now a hub for growth, commerce, and (as we like to discuss on this blog) the free market!
Championing the free market is something that doesn’t come easy to a lot of people. As we can see from the current political climate, it seems everyone is trying to tear down the established free market and move in a different direction.
Europe, Singapore and the East
When we look at the free market economies of the world, the most interesting thing is comparing where things have developed and where they have now gone. For example, when you are going to a place in Europe and you see many of the richer countries, there a socialist or communal aspect to these countries.
The taxes are very high, the social welfare system is quite robust and there are a host of other benefits that you must consider as well. Most of the time, people who are in these countries feel more socialism than the people who lived in ex-communist countries!
For example, look at Poland or many countries that were formerly under the Soviet Union. Many of these countries have adopted the free market completely in an effort to enhance their economies.
Singapore is no different and, in fact, after the British have left, they are one of the best in Asia. One piece of evidence to suggest this is the Singapore sme loans marketplace. Combined with Hong Kong, the free market is so strong in Singapore that billions of dollars are flowing in and out all the time. There are millions of people using their experience in Singapore to change the world and it’s all because of the free market.