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Dear John,
Western countries – including Canada – can learn from Singapore’s pro-growth policies, which have helped transform Singapore from a comparatively poor country into one of the world’s richest countries.
The Realities of Socialism is a project by the Fraser Institute and a group of think tanks in the UK, Australia, and the United States.
Following our books on Poland, Sweden, Denmark, and Estonia, this week we have released the fifth and final book in the series, on Singapore.
In 1965, Singapore opened the door to international trade, foreign investment and immigration.
The results provide lessons for Canada and other western countries struggling with economic growth.
From 1965 to 2020:
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Singapore enjoyed an average per-person annual economic growth rate of 5%, dwarfing the average growth rate in Canada (1.9%).
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Singapore’s annual per person income went from $4,215 to $59,176, exceeding Canada’s annual income ($42,366).
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Instead of adopting a standard tax system, Singapore established a savings system —a program that requires workers and their employers to contribute a percentage of their incomes to personal savings accounts.
In other words, Singapore achieves similar social outcomes as Canada, but in a much different way.
Learn more and download the entire book – for free! – at RealitiesOfSocialism.org.
Sincerely,
Niels Veldhuis
President
The Fraser Institute
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