"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.
Singapore copied the German model that strives to put everyone who
graduates from high school on a track for higher education, but only
about 40 percent go to universities. Others are tracked to polytechnics
or vocational institutes, so the vast majority graduate with the skills
to get a job, whether it be as a plumber or a scientist.
"Explained Ravi Menon, the Permanent Secretary of Singapore’s Ministry of
Trade and Industry: '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.'"
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