02 April 2015
DEVELOPING countries have much to learn from Lee Kuan Yew, the first prime minister of Singapore who transformed the republic from a Third-World economy to one of the most advanced countries in one generation.
The lessons for countries aspiring to learn from the Singapore development model are clear – strengthen the institutions and improve governance – but this is much easier said than done.
To begin with, aspiring countries need to improve the rule of law so that no one is above the law of the land.
Equally crucial, they need to reduce corruption as corruption is regressive – small and medium-sized firms pay higher amounts in bribes than larger firms.
Thirdly, they need to reform public institutions such as the civil service, bureaucracy and public administration.
Fourthly, they also need to improve the environment affecting the private sector through regulatory reforms, reforms of labour markets and provision of clearly-defined property rights.
… Pradumna B. Rana is Associate Professor and Coordinator of the International Political Economy Programme and Chia-yi Lee is Assistant Professor at the S. Rajaratnam School of International Studies in Singapore’s Nanyang Technological University.
CMS / GPO / Online / Print
Last updated on 23/11/2015