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by gjulianm
2134 days ago
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> In this discussion a country's population is irrelevant. It's not. You'll see that a lot of the top companies in Singapore are operating at global level while headquartered in Singapore. It's a little bit like looking only at the economy of the main US cities. > There is no requirement that everybody succeed at the same level. The measure of a country's success is improvement of society over time. Inequality is a pretty important measure. What society is better, one where everybody earns two times a livable wage or another where 25% earn eight times a livable wage and the 75% remaining are in poverty? |
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Upon independence, "Singapore faced a small domestic market, and high levels of unemployment and poverty. 70 percent of Singapore's households lived in badly overcrowded conditions, and a third of its people squatted in slums on the city fringes. Unemployment averaged 14 percent, GDP per capita was US$516, and half of the population was illiterate." [https://en.wikipedia.org/wiki/Economy_of_Singapore#Independe...]
Compared to today, Singapore has about 1000 homeless, 3.16 persons per household, a literacy rate of 97.3%, GDP per capita of $602 billion, an unemployment rate of 4.11% and a median household income of $9,293. The income distribution isn't bad either. From what I could find the cost of living (minus rent) for an individual is $575 a month.
https://blog.seedly.sg/average-singaporean-household-income-...
The better society is the one where everyone has an opportunity to improve their lot in life by satisfying a need of others.