So it is a never-ending process of auctions—and the cost, the debt being paid for by the next generation. Presidents do not get reelected if they give a hard dose of medicine to their people. So, there is a tendency to procrastinate, to postpone unpopular policies in order to win elections.
So problems such as budget deficits, debt, and high unmployment have been carried forward from one administration to the next. The political cost of tax increases is high. Governments took the easy way out by borrowing to give higher benefits to the current generation of voters and passing the costs on to the future generations who were not yet voters.
This resulted in persistent government budget deficits and high public debt. Three attributes are vital in this competition—entrepreneurship to seek out new opportunities and to take calculated risks. Standing still is a sure way to extinction. Lee championed free trade, which helped Singapore attract a free flow of foreign investment and multinational giants such as General Electric. This began in when America de-linked the dollar from gold. Lee was quick to grasp this opportunity and established Singapore as a regional centre for foreign exchange.
Indeed, since , the Singapore government has provided incentives and preferential tax treatments to cultivate an Asian Dollar Market. This initiative proved instrumental in helping Singapore to develop as a financial centre and a lead over its nearest rival Hong Kong.
Lee knew that for Singapore to compete with global giants, he needed to provide Singaporeans with housing and employment opportunities that would bring the nation economic stability. Although some might be offended or feel uncomfortable, you will gain a lot of respect for doing so. People know that they can trust you. Lee planned for succession years before he stepped down as Prime Minister.
He saw the importance of grooming the next generation to lead the nation. As the saying goes, there is no success without a successor. Your organization must transcend you, and you must be humble enough to acknowledge that. Strive to build a team centered around a mission or purpose instead of an organization focused on you.
Be generous with sharing your experiences and advice with the next generation of leaders that you are grooming.
A great leader will ensure that those that step into his shoes have the best chance of success. Lee went through his toughest period during the separation of Malaysia and Singapore.
Rose-Ackerman , S. Samuels , R. Schein , E. Schwab , K. Seow , B. Soh , K. Stowe , K. Tan , A. Teng , A. Turnbull , C. Vogel , E. Wang , Q. Jon S. Quah is a retired Professor of Political Science at the National University of Singapore and anti-corruption consultant based in Singapore. He has published widely on corruption and governance in Asian countries. Report bugs here. Please share your general feedback. You can join in the discussion by joining the community or logging in here.
You can also find out more about Emerald Engage. Visit emeraldpublishing. Answers to the most commonly asked questions here. Abstract Purpose The purpose of this paper is to explain why Singapore is a success story today despite the fact that its prospects for survival were dim when it became independent in August Government effectiveness of selected countries in Country Government effectiveness score Percentile rank Singapore 2.
Quah can be contacted at: jonstquah gmail. Join us on our journey Platform update page Visit emeraldpublishing. Land area km 2. Population in millions. GDP per capita. Official foreign reserves in millions. Government expenditure on education in millions. Extent of corruption. Low c. Hong Kong SAR. New Zealand. Macau SAR. Brunei Darussalam. South Korea. Budget in millions. Per capita expenditure. Singapore population.
Staff-population ratio. Corruption Perceptions Index. Diversion of Public Funds. Irregular Payments and Bribes.
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