Boom Boom: Singapore | Andrew Purves 2024

It's not boom and bust in Singapore. It's boom boom! So how's it happened?
Dr Andrew Purves explains. His lecture was delivered on 10th February 2024 at the School of Philosophy and Economic Science to a live audience as the Annual Economics Lecture.
Singapore has accumulated reserves of over 1 trillion US dollars over a period of 69 years since independence in 1965, despite being no bigger than Tonga, and with no natural resource except its location at the pinch point of the Malacca Strait. The income from those reserves contribute 20% to Singapore’s operating budget, in contrast to many nations who spend similar sums on servicing their national debt.
This means that other taxes are low. It has done so by acquiring 90% of its land for public purpose - and then making it available to individuals and companies under leasehold terms, in return for payment of a premium. In this way, Singapore has collected the uplift in the value of land after development, and shared this uplift with its citizens.
These reserves form Singapore’s ‘Commons’, and help reconcile the need for security of tenure to create wealth - private use of land, with the common right of all people to access land - the nation shares the benefits of using that land with all. Singaporeans enjoy the fifth highest GDP per Capita in the world. 95% of citizens own their own homes, 80% of those have been built by the state owned Housing Development Board, which offer subsidies to those on low incomes - in contrast to many developed economies such as the UK where housing is increasingly unaffordable, and homeownership is declining.
How might we learn from Singapore’s pragmatic approach to the use of land, in the common interest? Dr Andrew Purves explains the history and the influences on Singapore’s first leader Lee Kuan Yew.
Early influences included the Socialist Harold Laski, a lecturer at the London School of Economics where Lee studied, as well as the Norwegian Town Planner Erik Lorange who advocated land acquisition at existing use value, and subsequent sale of fixed term leaseholds for 99 years. Lee described his policy as ‘Robin Hood’, but explained it was sometimes necessary to do unpleasant things for the common good.
The School of Philosophy and Economic Science offers courses in practical philosophy and economics with justice as well as other subjects. It aims to approach philosophy in a practical way, encouraging students to apply philosophy in their lives. The School also introduces a mindfulness-type exercise leading eventually to mantra meditation.
Enjoyed this video? Subscribe to our channel to watch more videos from the School of Philosophy and Economic Science. Also visit our website for information about courses, lectures and events.
Connect with us:
Courses: schoolofphilosophy.org/pages/...
Website: schoolofphilosophy.org
Facebook: bit.ly/2YchKAoSPES
Instagram: @schoolofphilosophyUK
Twitter: @mandevilleplace
Join our Mailing list: bit.ly/3iCRB4A
Support the School: The School has many offerings free of charge or at a reduced fee. Any gift, however small, will help the School continue with its work. Make a Donation: cafdonate.cafonline.org/18466
© School of Philosophy and Economic Science.
The School of Philosophy and Economic Science
11-13 Mandeville Pl, London W1U 3AJ
020 3287 1443
goo.gl/maps/Vv3kLCGNoVRDTtqe6
Charity numbers: 313115 and SC039950
=====================================================
#Singapore #commons #affordablehousing #equitablelanduse #highGDP #lowtaxes #inequality #leasehold
You may find this video is also about the history of Singapore, how it became one of the five Asian tiger economies, where successful state owned enterprises contribute to the national wealth, and 90% of land is owned by the state despite high levels of home ownership by leasehold.