Singapore is a good illustration of the importance of inclusive institutions to national development, but there’s more to be done, says the Lee Kuan Yew School of Public Policy’s Terence Ho.
New: You can now listen to articles.SINGAPORE: Why do some countries prosper and others falter? Is it a matter of geography and resources? Or is it the nature of governments and institutions?While the prize has in past years been awarded for esoteric work in fields such as econometrics and game theory, this year’s award draws attention to a concept that is more relatable to the public: The relationship between societal institutions and national prosperity.
Singapore avoided the fate of resource-rich countries where resource extraction dominates the economy. This tends to benefit the few rather than the many, as profits accrue to oligarchs and their political patrons who control the oil or mineral deposits. All too often, resource revenues that could have been invested in education and social well-being are lost to corruption, tax evasion and fiscal inefficiency.
Even with a larger role for redistribution, human capital investment must continue to be prioritised as the ultimate driver of economic progress. It is all the more critical today, where AI and automation are able to replace human beings in a growing number of tasks. Freedom of information inadvertently opens the door to misinformation and disinformation, which can have pernicious effects. For instance, anti-vaccine activists can undermine public healthcare by sowing doubts in people’s minds about the safety of vaccines.
Like any other country, Singapore’s society and governance are not perfect. Singapore needs “loving critics” - in the words of veteran diplomat Professor Tommy Koh - to continue progressing as a society.
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