Institutional diversity and state-led development: Singapore as a unique variety of capitalism

Bryan Cheang and Hanniel Lim

Structural Change and Economic Dynamics, 2023, vol. 67, issue C, 182-192

Abstract: This paper provides a critique of economic freedom indices through a case study of Singapore's unique political economy. We argue that these metrics reflect an ahistorical approach to development, obscuring real-world institutional diversity. By instantiating a single ideal of laissez-faire and proceeding to measure the magnitude of economic freedom in nations, these indices implicitly treat capitalist varieties as mere defects of laissez-faire rather than as distinct alternatives.

Keywords: Institutional diversity; Varieties of capitalism; Economic freedom indices; Singapore; Developmental state; Market liberalism (search for similar items in EconPapers)
Date: 2023
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Persistent link: https://EconPapers.repec.org/RePEc:eee:streco:v:67:y:2023:i:c:p:182-192

DOI: 10.1016/j.strueco.2023.07.007

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