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Economics Explained

There Will Never Be Another Singapore

Sep 25, 2023
This podcast explores the remarkable economic growth of Singapore and the challenges in replicating its success. It covers Singapore's history, governance, policies, geographic advantages, and economic factors. It also discusses how Singapore became a major player in the global oil industry and highlights the unique factors behind its economic success, such as its revenue and expenditure system and the impact of Malaysian commuters on its GDP.
13:39

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Quick takeaways

  • Singapore's economic success is a result of a unique combination of benign authoritarianism, focused government intervention, and free market mechanics.
  • Singapore's strategic geographic position as a major shipping hub and its establishment as a global oil trading and commodities exchange contributed to its economic growth.

Deep dives

The Unique Success of Singapore

Despite its small size and lack of resources, Singapore has achieved remarkable economic success in just a few decades. Economists and commentators often reference Singapore as a model for other countries to emulate. However, the factors that contributed to Singapore's success are challenging to replicate elsewhere. The country's unique blend of benign authoritarianism, focused government intervention, and free market mechanics played a significant role. Singapore's strategic geographic position as a major shipping hub and its establishment as a global oil trading and commodities exchange also contributed to its economic growth.

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