Employment, development and basic needs in Singapore

Singapore provides a good example of rapid development that has not taken redistribution and equity as its primary aims but has still gone a long way towards satisfying basic needs. The author argues that Singapore's development experience holds three main lessons. One is that a market system emphasising competition and exports increases the probability of rapid growth. Second, sound fiscal and monetary policies are essential. This means reliance on domestic savings and private capital inflow rather than budget deficits and foreign aid to finance economic development. Finally, successful development requires pragmatic leaders and a practical people willing to adapt to changing circumstances