Leave it to the free market

When an issue comes out for discussion, I have often seen these statements that guide the views of many people:

a) Leave it to the free market
b) No bailout from the government.

These statements are the principles promoted by neo-liberalism. It is the prevailing policies adopted by America for the past few decades.

We can generally adopt these principles but we have to make sure that they are adopted under the right circumstances.

We cannot blindly adopt these principles where they are not suitable. Examples are:

a) Where the free market is not producing the right outcome. Economists described these situations as “market failures”. It happens when there a small number of suppliers have strong bargaining power or when th consumers are poorly informed.

b) Where there is a national interest to be protected. It may justify the intervention of the government, including a “bailout”. Even America had to bail out the large banks and industrial corporations during the global financial crisis of 2008.

Instead of adopting these slogans blindly, we have to consider the circumstances and decide if these principles are appropriate for the circumstances.

If we wish to adopt or reject the principle, we must have our reasons and be ready to explain our rationale.

 

Tan Kin Lian

 

 

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15 Responses to “Leave it to the free market”

  • Asd:

    That’s your excuse for being communists ? Control everything ?

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  • USA copy SG policy - Be Proud:

    Dear All,
    TKL is right. We must not follow blindly other countries, especially US or Western countries where freedom means not taking responsibility for their decision or lives.

    Be proud of our million dollars salaried PAP policy.

    For 50 years, PAP has been telling citizens to be self reliance, self sufficiency and take personal responsibility for our lives.
    Our self reliance, self sufficiency and personal responsibility policy is now copy by US President Donald Trump.

    Through the Public Charge Rule, President Trump’s administration is reinforcing the ideals of SELF-SUFFICIENCY and PERSONAL RESPONSIBILITY, ensuring that immigrants are able to support themselves, and become successful here in America.

    https://www.huffpost.com/entry/trumps-green-card-crackdown_n_5d518e70e4b00bbbc9dcbae9

    FT in SG are much better qualitythan local because FT are self reliance, self sufficiency after they finished their PAP sponsored undergraduate education here.

    PAP.GUARANTEE.WIN.GE2019/20

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  • USA copy SG policy - Be Proud:

    Dear Readers,
    Opposition supporters want to bring down SG like the pro democracy student protestors in HK where they want to bring down HK by creating havoc.

    Watch:
    https://twitter.com/XinqiSu/status/1161181236527689728?ref_src=twsrc%5Etfw%7Ctwcamp%5Etweetembed%7Ctwterm%5E1161181236527689728&ref_url=https%3A%2F%2Fsg.style.yahoo.com%2Fred-shirt-lady-hong-kong-034352298.html

    Hong Kong teachers and parents are encouraging and supporting the students to use violence to achieve their goals.

    Calling all Singaporeans. We must condemned the Hong Kong students, teachers and parents for their violence by voting for PAP and let PAP win 90% of your votes.

    With 90% win, PAP will be able to implement 9% GST and give 9% salary increment and $1 per day parking fee for all ministers, civil servants and grassrooter.

    PAP.GUARANTEE.WIN.GE2019/20

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  • Form without substance:

    Yes absolutely, public leaders are beholden to the citizens in explaining their rationale for their policies and actions. A pointing example is the management of our CPF Medisave funds: If indeed 89 billion dollars have been amassed over the last few decades, why only less than 2 billion has been approved by the government for the people’s health care expenses? Why is it many patients still have to fork out hard earned cash for public health services when their Medisave accounts are loaded up?!

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  • patriot of TUMASIK:

    In Singapore’s CONTEXT of “FreeMarket”…Leegally CORRUPT INCs where Political Leaning & Appointment is apparent…
    Leegal accepted Billions from Scoundrals-Cheat & Politically Corrupt LEEDers from the World 1st to 3rd if possible 5th to Park their LEEgal Billions in SingaporeINC

    That Tan Ahhhh!!! is the Free Market of SingaporeINC and NOT…The Republic of Singapore the People will RECLAIM soon even with your silly help!!!

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  • Stupid And Naive:

    Pigs are smarter than that, they are not blindly adopting any policy.
    All policies are slyly copied and very well tweaked to milk sinkies thoroughly.

    When they can milk lot’s of money, they leave it to “free market”, like COE prices. When market is not what they expected, they intervene and limit the number of COE available, thus jacking up the prices. Occasionally they will allow some fluctuations to fake market forces at play to hoodwink gullible.
    They said COE and ERP are to control cars a few decades ago, the roads are still as congested. Once upon a time, the COE was dropped to $2 to help crony companies to acquire new taxies, saying there was a glitch in the system.

    So it is stupid to talk about political ideology, as Pigs have none or any moral compass, they only worship money and self preservation, they are flexible to adopt any system that matches their greed.

    By now from a series of TKL’s views, it can be concluded that he is no match for them. He is still stuck at the RC grassroot-level of simplistic analysis and politicking.

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  • Ah Seng:

    Now see less forum participants here.
    What happen to people like LIONS?
    Only a few people only.
    Need more kakis here.

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  • Shame:

    Free market is mainly driven by self interests. Self interests creates monsters who cannibalise their own kind. The freely exploit the market creates wide spread inequalities and destructions(from earth to humanity) Free market favors the rich and powerful more. Driven by lusts for gain and profits, they build fast(poor nations can be transformed in a few dacades) but they also destroy fast(destructive indebtedness and crimes/lawlessness grow fast). Free market leaders provide but they also take away your life.

    You grow/ breed leaders with intelligence, to exploit the market, but with no conscience nor shame. The people bred or begotten by such leadership are equally without conscience and equally wicked.

    If you have conscience, you will rise up like the HKies but you are incapable of humanity because of your greed and cowardness(fear of PUNISHMENTS). SO you mask your wickedness by subscribing to lies and fake peace/calmness.

    You are lukewarm, like your wicked and FAKE leaders without conscience and shame, to be spitted on and out. Shame on such a Society.

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  • Rabble-rouser:

    Tan Kin Lian continually exhibits his shallow understanding for world economics in TRE forum. It has become a constant & tedious exercise exposing his pathetic views & giving rebuttals to show up weaknesses in his train of thoughts. In fact, there isn’t any real thoughts from him other than “copy & paste” from newspapers he read!

    How in the first place did he ever became the CEO of NTUC Insurance arm? Also, I even wonder if Tan KL is representative of the populated crony “Elites” within S’pore’s political, business & academic eco-mechanism & sphere. If yes, then S’poreans are in deep trouble! And you can see it in the present day system – no need for names but you can do a grocery list easily.

    And he was even able to pre-qualify for the rambunctious Presidential Elections in 2011. Yet for 2017, the President election process pendulum went the other way with minority representation becoming a must & as a result, PAP’s nominated “Malay” candidate returning unopposed! Better known now as “Milo” President

    Now what you would be asking me is “what does this got to do with FREE TRADE?” Everything!

    You see, Free Trade rules can be manipulated, the rules of engagement changed to suit the ones-in-power & no one in the public sphere would be wiser for it.

    Free Trade is just a misnomer! The reality is a concentration of market power in the hands of a few major US corporations. What you would have seen in the US is deterioration of the US Middle class system (the electorate) as the US political mechanism shifts to serving the Corporate elites & their (1%) wealthy shareholders!

    The US Republicans & Democrats politicians were in the pockets of the big corporations, Wall Street bankers & 1% rich – all contributing large sums for political donations. Where got hope that they will think for the common man! People need to wise up!

    The same situation is now festering in HK. The HK Oligarchs sleeping together with their Beijing masters. The resulting highest property values in the world makes common HK’gers depressed & frustrated. No wonder they protest bitterly!

    Regarding bailouts, S’pore had lost 3 large electricity generating plants in 2009 when Temasek sold them to foreign entities. The Hyflux situation would be a repeat of that when water desalination ends up in foreign hands. How come no bailout? Instead a sellout!

    Imagine energy & water in the hands of foreign parties & the PAP is adamant to follow through on their 10 million population target! Lots of questions but no answers forthcoming! You feel me?

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  • Left to australia:

    Lee Island blindly follows this principles without knowing how harmful neoliberalism is to society. Pure neoliberalism was booted out in the 1930s after the great depression.

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  • Rabble-rouser:

    @ PAP.GUARANTEE.WIN.GE2019/20:
    You are such a moron here in TRE writing absurd rubbish against true-born S’poreans that we all wish that you return to M’sia to do rubber-tapping or picking durians there. You are such a retard in the absolute sense!

    QUOTE:”For 50 years, PAP has been telling citizens to be self reliance, self sufficiency and take personal responsibility for our lives.”

    FYI S’pore was already one of the most advanced economies within South-East Asian under the British, long before the PAP even existed.

    And during the Sino-Japan War & subsequent Civil War, S’pore Chinese entrepreneurs contributed significantly to China’s war cause & subsequent rebuilding efforts. Wan Qing Yuan or Sun Yat Sun Villa (off Balestier Road) provides a irrefutable historical account of S’pore’s roles during those years.

    And the PAP were creating revisionist history by “referring to S’pore as a fishing village before LKY took over” in their social studies which is not only a big joke but a big lie to those who lived during that period.

    There were already self reliance, self sufficiency & people already took responsibility for their lives long before the PAP even existed.

    There were already Missionary Schools in S’pore providing good education in English medium. The Chinese clans re: Hokkien Huay Kuan, Ngee Ann Kongsi had already established to provide assistance to their respective clans. Even within villages, villagers performed “Gotong Royong” ie. Communal Public Works to dig drains, clear debris after a flood or even rebuild attap houses after a fire.

    Even Dr Albert Winsemius before he developed his economic doctrine for S’pore had noted S’pore workers as highly diligent & hard-working, the different races were cohesive & cooperated on various levels.

    “Mr Hon Sui Sen himself noted that Singapore’s economic progress would have been much slower had Winsemius not provided his relevant, and ultimately useful advice.”
    https://headfoundation.org/2017/06/23/successful-technical-advisers-albert-winsemius-as-a-case-study/

    Brown-nose the PAP all you want but don’t insult us with your lies!

    USA copy SG policy - Be Proud: FT in SG are much better qualitythan local because FT are self reliance, self sufficiency after they finished their PAP sponsored undergraduate education here.

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  • Rabble-rouser:

    @ PAP.GUARANTEE.WIN.GE2019/20:
    50 cents a post in TRE forum must be easy monies for you compared to rubber-tapping or picking durians which can be hazardous. Especially you could encounter a s*ake in the grass waiting to kiss you & bite your @*se & give you it’s love potion (144).

    Who copied from whom? If S’pore (PAP) govt model so good, why no other govt in the global sphere have truly emulated S’pore’s model of governance?

    The self reliance, self sufficiency and personal responsibility values you crow about are just lies perpetrated by the govt & their media lackeys.

    S’pore’s crony capitalist economy, Meritocratic Policy & GLC dominance – just how do you be self reliant or self sufficient? Isn’t this a construct of a rigid social class order that keeps you in place at the lowest strata of life? “Digits”! You can’t even get ahead in life – just like our HK brethren who are bold enough to let it be known.

    US President Donald Trump doesn’t even need to copy S’pore. Look how condescending he views S’pore – TPPA, reshoring US companies, tagging S’pore as a currency manipulator, revoking our WTO trade status, etc.

    And Trump is increasing anti-immigrant actions via ICE to detain & process undocumented immigrants throughout the US. The next step would be to deport them back to where they came from. And you think he is laying the welcome mat for you!

    S’pore is in fact caught in a riptide of geopolitical turbulence between the US & China. But the PAP is like a deer being monentarily paralyzed by shining headlights, dunno how to move aside of a oncoming speeding vehicle! S’pore is configured for Globalisation efforts & for massive input of foreigners (10 million). But this is getting more & more distant with recent events!

    You got to ask yourself is this, is this going to happen or not? If not, what is the alternative, if there’s ever one?

    USA copy SG policy - Be Proud: Our self reliance, self sufficiency and personal responsibility policy is now copy by US President Donald Trump.
    Through the Public Charge Rule, President Trump’s administration is reinforcing the ideals of SELF-SUFFICIENCY and PERSONAL RESPONSIBILITY, ensuring that immigrants are able to support themselves, and become successful here in America.

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  • oxygen:

    @ PAP.GUARANTEE.WIN.GE2019/20:

    OI OI OI, RUBBER-TAPPER FROM BOHLEH LAND, still promising us that 1 Ringgit rise to S$3 anytime soon?

    Rabble-rouser: 50 cents a post in TRE forum must be easy monies for you compared to rubber-tapping or picking durians which can be hazardous. Especially you could encounter a s*ake in the grass waiting to kiss you & bite your @*se & give you it’s love potion

    Rabble-rouser: @ PAP.GUARANTEE.WIN.GE2019/20:
    You are such a moron here in TRE writing absurd rubbish against true-born S’poreans that we all wish that you return to M’sia to do rubber-tapping or picking durians there. You are such a retard in the absolute sense!

    HILARIOUS!!!

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  • Could have done better pappy:

    RE: “FT in SG are much better quality than local because FT are self reliance, self sufficiency after they finished their PAP sponsored undergraduate education here.
    PAP.GUARANTEE.WIN.GE2019/20″

    Frankly appalling isn’t it the irrationality of this crony-capitalist Internet brigade!

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  • Haigen-Diaz:

    USA copy SG policy - Be Proud: Dear All,
    TKL is right. We must not follow blindly other countries, especially US or Western countries where freedom means not taking responsibility for their decision or lives.

    Be proud of our million dollars salaried PAP policy.

    For 50 years, PAP has been telling citizens to be self reliance, self sufficiency and take personal responsibility for our lives.
    Our self reliance, self sufficiency and personal responsibility policy is now copy by US President Donald Trump.

    @ PAP.GUARANTEE.WIN.GE2019/20

    Trump is often compared to a toddler throwing temper tantrums but at least he won’t go ‘ballistic’ or ‘slaps’ Jerome Powell.
    Trump also claims Singapore is ‘stealing US lunches’ but at least he isn’t joking about stealing other people’s favorite ‘chicken wings’ or ‘Bak Kut Teh’.

    In comparison, we can start to see the fruits of the erratic, amoral, and incompetent foreign policy of Donald Trump, its deliberate undermining of alliances, and hollowing out of the diplomatic and national security architecture of America.

    The man is a human wrecking ball. From domestic destruction of public lands, endangered species, clean waterways, working families, hungry children, transgender military, border detentions, disaster relief delays, anti-choice, pro-gun, and anti-immigrant court appointments (what am I forgetting?) to worldwide embracing autocratic regimes, disrespecting and alienating allies, indifference to roiling international divisions, ending environmental and nuclear agreements, trade wars and tariffs, intentional chaos matched by unparalleled incompetence so huge it would be easier to list the countries that haven’t been hit.

    The nuclear program of North Korea and ballistic missile testing are back. Israel and Palestine prospect of a two-state solution is more remote than ever. Tensions between the United States and Iran escalates. Japan-South Korea relations have collapsed. Pentagon warns that in Syria, ISIS is “resurging.” Boris Johnson fulfilled Trump’s commitment to crash out of the European Union without a contract.

    Trump has been playing Jenga with the world order over the past two and a half years, pulling out piece after piece.

    Quite a performance on self reliance, self sufficiency and ‘take personal responsibility’, I fear more to come. Oh, not forgetting the globe may be lurching towards recession.

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