Chapter 10: A Successful Model of State Capitalism: Singapore

Abstract

During the four decades after independence (1965), Singapore rapidly caught up with the developed West in both economic and social terms. By 1994, Singapore’s per capita GDP surpassed that of Australia, Canada, and the United Kingdom (Menon 2007, 1). In 2014, Singapore placed third in the IMF’s list of countries by their per capita GDP (PPP). In 2013, Singapore was ranked ninth on the Human Development Index list of UNDP (UNDP 2014, 159). It came before every other Asian country. In 2015, according to the IMD World Competitiveness Yearbook and the Global Competitiveness Report of the World Economic Forum, Singapore