LESSONS FROM KOREA AND SINGAPORE

Donghyun Park

Chapter 54 in Capitalism in the 21st Century:Why Global Capitalism Is Broken and How It Can Be Fixed, 2019, pp 248-250 from World Scientific Publishing Co. Pte. Ltd.

Abstract: To sum up, the experiences of South Korea and Singapore do not, in any way, shape or form, suggest that government bureaucrats can substitute private sector entrepreneurs as the engines of economic progress, and creators of jobs and wealth. Only an extremely biased interpretation of the experiences of the two exceptionally successful countries, among the rare group of countries that went from Third World to First World, would produce that conclusion. This is not a knock against South Korean and Singapore government bureaucrats, who are among the world’s best. But taking big risks, making bold decisions, and thinking outside the box are not part of their DNA or job description…

Keywords: Capitalism; Globalization; Inequality; Entrepreneur; Financial Industry; Government; Socialism; Market (search for similar items in EconPapers)
JEL-codes: A1 F00 F6 N2 P16 (search for similar items in EconPapers)
Date: 2019
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