Date: Sun, 5 Jul 2009 10:31:00 +0800
Subject: There are no government-linked companies there competing against the private sectors
> This is straight forward kiasuism. In a dictatorial Singapore, it is still
> best to be a scholar. Work for the PAP government in a public sector. Be a
> yes-man and climbs the corporate ladder with the help of a strong crony's
> hand. You will become a multi-millionaire just like any of the Royal Lee
> Family and their exclusive ruling elites and cronies.
Mr. Wong quoted:
'If you look at those markets, they differ from Singapore in one key aspect:
there are hardly any government-linked companies competing against private
sector,' he said. 'This key difference means that for the past few decades,
MNCs and GLCs have been tasked with driving the economies in Singapore. The
market in Singapore was not as conducive as that of Hong Kong and Taiwan in
building entrepreneurial spirit.
'In addition, the most critical factor in the entrepreneurial spirit is risk
reward ratio, which is clearly low in comparison with Hong Kong and Taiwan.
Who wants to be an entrepreneur if you, as a young and highly qualified
graduate, can achieve wealth without taking any risk of your own money by
working for the government? The government's policy of paying civil servants
well has a negative impact on entrepreneurial spirit.'
He is of the view that Singapore will never be able to reach the same level
of entrepreneurial spirit as that of Hong Kong or Taiwan, unless it
restructures the reward system for risk takers. 'But then again, is their
society better than ours, especially when you take into account the social
order and justice, social harmony, etc?' he asked rhetorically