Why Singapore’s economic progress went downhill after Dr Goh’s retired

Remember Goh Cock Chok Tong’s tots about building 5G leaders? This cock talk had me laughing because he (and his DPM, one Lee Hsien Loong) cocked up Dr Goh’s economic framework that took a lot from the Germans:

The Germans have a name for their unique economic framework: ordoliberalism. Its origins are perfectly legitimate – a response of Germany’s liberal elites to the breakdown of liberal democracy in 1933. It was born out of the observation that unfettered liberal systems are inherently unstable, and require rules and government intervention to sustain themselves. The job of the government was not to correct market failures but to set and enforce rules.

[…]

The ordoliberal world view is asymmetric. Current account surpluses are considered more acceptable than deficits. Since the rules are based on national law, ordoliberals do not care about their impact on the rest of the world. When they adopted the euro, the rest of the world suddenly did start to matter.

FT

As a very junior officer in the central bank, it was clear to me that Dr Goh tot

The job of the government was not to correct market failures but to set and enforce rules.

Cock Goh and Lee Jnr aided and abetted by people like Tharman (ang moh tua kees’ think the sun shines from his black ass) moved to a pseudo market economy where

Current account surpluses are considered more acceptable than deficits.

And where GLCs dominated the economy, sometimes wayanging against one another (think telcos).

To be fair, I think they were, and are, not cynically conning S’poreans. They really believed in their version of the mkt economy.

Coming back to Dr Goh, Dr Goh was really ordoliberal not socialist nor free market liberal. That was how he made S’pore great. The 2G, 3G and 4G leaders remain clueless on what made S’pore great.

[The folowing was added af 1.35pm]

As I wrote in

For all their academic brilliance Ah Loong and team have not advanced beyond tinkering with the framework that Dr Goh Keng Swee, Hon Swee Sen and Albert Winsemius devised. Evolution is fine to a point. But surely the world has undergone revolutionary change. When they were constructing their model of serving MNCs as a path to grow the economy, serving MNCs was “neo-colonialism”. Today even Red China serves as as the MNCs’ factory.

Problem S’pore, PAP face

 

Cynical Investor

Cynical Investor blogs at Thoughts of a Cynical Investor

 

Related posts

— Dr Goh’s HK counterpart had similar views on MRT and other major issues

— Why S’pore industrialised in the 60s

— SG50: Three cheers for Goh Keng Swee

 

 

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11 Responses to “Why Singapore’s economic progress went downhill after Dr Goh’s retired”

  • rukidding:

    Is cynical saying that Lau Goh and Mai Hum “screwed up” Dr Goh Keng Swee’s planned ????

    Ha,ha,ha,….finally a PAP “puppy”…..”submits” and “agrees” that the CURRENT PAP is a “screwed up” team !

    What to do when you have people like Jo,Indraknees,Kalvin,Lee bee what ?.Rin Tin Tin,..Backside doctor ?..Lawrence..and Son of a Gan ?

    Prepare for the “demise” !

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  • pap PA paid IB:

    like many TRE readers have pointed out, be careful of pap PA paid IBs.

    they are paid cents per post to mislead voters.

    best policy is to stop reading anything that looks like, sounds like, pap PA paid IB post.

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  • LIONS:

    Goh Cock-up Tong$ studied DEVELOPMENTAL ECONOMIC$ while Lee Ah Long studied mathmatic$.

    So,they developed Sg into $inCity by collecting more money to make themselves richer and richer.

    Goh Cock Tong is a cock.
    Lee Ah Long is a clown.

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  • oxygen:

    @ Comical Investor

    PAPpys are all LOUSY ECONOMIC MANAGERS. 1G has nothing to crow about of its economic “achievement” in reality – it is the standard menu of the run-of-the-mill economic development cycle. The first stage will be URBANISATION and INFRASTRUCTURE. Housing and transportation provides the concentration of labor and the means of input/output shipment. We saw that in 5 Asian tiger economies in the 1960s and 1970s the take-off stage and the same of that in China’s post-Deng economic liberalization. The Chinese got horny with our Suzhou Park seduction where we got raped.

    2G asset enhancement politics was VOODOO economic – an airbag economy of asset bubble in artificial beauties – actually unsustainable of hollow “Swiss standards of living” promise but instead is asset extraction and transfer of peasants asset to and in favor of the rich.

    Comical Investor : The 2G, 3G and 4G leaders remain clueless on what made S’pore great

    3G population recycling economics is a joke. Economy is evolutionary, it takes time to grow the economic base of jobs and production. Foreign population is QUANTUM REVOLUTION. How to you SPEED match evolution in economics with revolution in population flood in? You can’t, so transportation and infrastructures got overloaded and breakdown. PMETs got retrenched. And the economy maxed out in this convoluted mismatch. Restructuring, as expected must and indeed failed. The Committee for future economy has got not blueprint to take us forward – THEY TOO ARE CLUELESS, MAYBE EVEN MORE CLUELESS THAN PEASANTS rudimentary economics.

    4G is a BIGGER bad dream – one even dream of further overload of foreign influx. No one talks publicly about their economic vision forward – MOST LIKELY, just like the Committee for Future Economy, they are even more clueless than me.

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  • HarderTruths:

    The biggest employer of the $G local is the government and government – linked companies – the government owns and operates everything.

    $G is not a free market but a communist-type centralised monetary system that has one entity setting prices. A communist monetary system always collapses.

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  • Snake charmer:

    “Tharman (ang moh tua kees’ think the sun shines from his black ass) ”… this man who believes in the trampoline now himself is given the trampoline for he himself to jump up and out..

    Investor – u forget to address that fake smiling s*ake-charmer… a kaniwaran . This fat clumspy boy want to revamp Orchard road – he is better off in Little India than Orchard road … when in Trade Indystry – he looked towards India as if that will save Singapore . What a joke !. All man made theme Parks and gardens with no historical leaning is at best man made .. the pursuit for money by these green monkeys will make Singapore a sterile non Creative city .. at best all with fake smiles like all the pretentious Boy Scouts .

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  • Bapak:

    Leopard never changes its spot.

    rukidding:
    Is cynical saying that Lau Goh and Mai Hum “screwed up” Dr Goh Keng Swee’s planned ????

    Ha,ha,ha,….finally a PAP “puppy”…..”submits” and “agrees” that the CURRENT PAP is a “screwed up” team !

    What to do when you have people like Jo,Indraknees,Kalvin,Lee bee what ?.Rin Tin Tin,..Backside doctor ?..Lawrence..and Son of a Gan ?

    Prepare for the “demise” !

    GD Star Rating
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  • Dr. Chan:

    @HarderTruths
    And Lee Con You said he hated Communist, rounded up all political opponents by branding them as communists e.g Cold Storage. Now PAP runs Singapore like Authoritarian Communist. They are becoming more communist than communist. So, should they jail themselves?

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  • Dr. Goh's failure:

    Dr. Goh is a good economist. But he made a big mistake. He knew that productivity growth is more important than GDP growth because only the former if sustained, will result in real wage growth and a higher standard of living. Why did he not force the PAP to change policy? LKY was fixated with quarterly GDP growth. (He managed to achieve it for 20 years.) But this is the “soft option”. He should have grown GDP through sustained growth in productivity. To increase productivity required have a more skilled and educated workforce. Better educated workforce requires more graduates but they are also a threat to PAP political dominance. GCT and LHL could have changed course by emphasizing productivity instead of just GDP growth. Why did they not do it? Is it because LKY would look bad? He had the wrong KPI while he was PM? It appears PAP political dominance was and still is the main objective over economic growth. It is all politics. Only regime change will put Singapore on the right course.

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  • Glcs:

    The old c*** created these GLCs to help themselves to interest-free taxmoney.

    On the way, they discovered that all their families n friends can be employed by them. This constitutes a control of the country by having a chortle-hold of the people.

    The so-called scholars play along with it……..similarly giam……..remember more money you don’t want?

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  • Hot air mediocrity:

    So GCT promised a Swiss standard of living for his elitist fraternity and left us with the highest cost of living in the world; promised us an ever enhancing HDB pigeon house “asset” (but left out the despairing details about the end). And promised a national football team destined for the world cup finals (that can’t even make it in SEA today)

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