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Orphan of ASEAN: Singapore A role-model for undesired liberalism and capitalism

 Orphan of ASEAN:  Singapore 

A role-model for undesired liberalism and capitalism 


The Singapore prime minister was the only ASEAN leader that visited the US after the failed (and pre-arranged) US-ASEAN summit in Washington.  Instead, four ASEAN foreign ministers visited China around the same time.


We are the odd one out.  We are different, we are rich and we are the most westernised country in ASEAN.  Is this good for our long-term development?


Since the beginning of the Russia-Ukraine war, the US led western democracy displayed a new kind of diplomacy.  You are either with me or with the other side. The US also shows us the undesired liberalism and capitalism. For example:

  • Undesired arts, cultural and social activities.

  • Undesired system of payments, SWIFT exclusion.

  • Undesired investments, KFC, IKEA, Samsung and many others.  

  • Undesired unprotection of private capital and individual legal ownership. 

Freedom, free movements of capitalism and individual rights of property are the fundamentals for liberalism and capitalism. But these are challenged and are selected weapons for the war.   The Russians say they are doing a special military operation in Ukraine.  While the US is doing a special economic and monetary operation in the world.    


If you look at the above examples, Singapore in one way or another, has been practising them since our independence.  We have ISA and other laws to stop undesired activities or language, cultural preferences. We can bankrupt a person in a legal way.     


We have POFMA, FICA to prevent undesired activities or views. 


We may still obey the international payment system but we are also a tax haven or a place for corrupted or illegal money parking as accused by international organisations. 

   

Liberalism and capitalism encourage competition and free movements.  What the US is doing now is the discontent of liberalism and imperfect capitalism - not optimal level and in equilibrium.   This shows the weakness of the US competitiveness.   


Liberalism and capitalism in undescribed form cannot solve unemployment, inflation, wages, growth problems. The US tries to make the flow of capital back to the US in the interest of others. 


In fact, this is the end of the American dream. The world's number one police force is not sustainable.  The world will enter into a new era with less use of American dollars, less US influence, and less US entertainment.


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