Tom Friedman: Serious in Singapore

Singapore probably has the freest market in the world; it doesn’t believe in import tariffs, minimum wages or unemployment insurance. But it believes regulators need to make sure markets work properly — because they can’t on their own — and it subsidizes homeownership and education to give everyone a foundation to become self-reliant. The two isms that perhaps best describe Singapore’s approach are: pragmatism — an emphasis on what works in practice rather than abstract theory; and eclecticism — a willingness to adapt to the local context best practices from around the world. Singapore has a multiethnic population — Chinese, Indian and Malay — with a big working class. It has no natural resources and even has to import sand for building. But today its per capita income is just below U.S. levels, built with high-end manufacturing, services and exports. The country’s economy grew last year at 14.7 percent, led by biomedical exports. Tom Friedman has this op-ed in today's NY Times:

http://www.nytimes.com/2011/01/30/opinion/30friedman.html?nl=todaysheadlines&emc=tha212

(Zoon Politikon)