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@@MarkWTK Also because the PAP led coalition was starting to influence too many people during the federal election. Even back in the 1960s, there were enough Malays that believed in equality to scare UMNO
While their neighbours have some of the most corrupt head of governments... Looking at you, Najib and Suharto. Their corruption-laden rule and aftermath had nearly ruined the very nation they governed.
It was allowed self rule while the British existed but they later retrieved due to financial strain on the Empire after WW2. To add, during the Japanese invasion Singapore was greatly damaged and many British assassinated. So setting up operations to normally after the war seemed very heavy for the Empire coffers. However, the British did give independence to Malay region while retaining Singapore as their base. Later, when the British packed up. Lee Kuan Yew, the then Prime Minister of the already democratic Singapore called for merger with the Malay for lack of resources and for defense purposes . They merged and thus was born - Malaysia ! However, the people of the two countries did not jell well, there was bloodshed. The then Malaysian govt asked Singapore for partition and Singapore got divided again. Lee Kuan Yew famously broke down on TV when this happened. He was very bleak about Singapore future left to itself in a yet not peaceful world and on having lost the single largest employer back then - the British Navy and Empire. They truly started from rock bottom. Lee Kuan Yew's brilliance, Leadership and Economic savvy were the only reason Singapore made it and later beyond. Into becoming the most successful nations in the world. Its truly a great story, which the world are lately taking notice off. The British Empire has been known to not take proper care of its colonies in matter of partition and conflict assessment; the controversial India - Pakistan division and Singapore - Malaysia are one of many victims of the negligence of the british.
Yet you don't really own it at all, only being rented for 30-35 years. Also for houses, you don't really owned it, only being rented for 2-3 generations at maximum limit
@@angbenyi6618 How to get the freehold one? When I went to Singapore, asking the local I met, they explain that most of the houses here are being leased for limited periods, it's rare but not really too uncommon to find full ownership of housing property here they said.
@@bbd121 Wendover is an economics TH-cam channel where almost any video contains a few words about the relationship of the topic to the economics of aircraft. It has become a running gag.
You should have also added that the Singapore made English the official language where every student is taught English as their primary language. This made it very convenient linguistically for almost all the countries in the world to do transact, do business and base themselves in Singapore. Even more so than Hongkong back in the day. However, they also have a mother tongue policy where it is compulsory for students to learn their own mother tongue as a second language. This in effect made every Singaporean bilingual.
Also worth noting: Singapore owns 80% of their hospital capacity and sponsors public housing for 80% of the entire citizenry. Also, if housing projects want that sweet, sweet government money then they need to follow diversity quotas within each building for all of the ethnic groups present in Singapore. That capitalism/socialism duality is simply stunning.
I recall that private housing prices in Singapore are actually around the same as various major cities around the world. The difference is that Singapore has way more public housing.
Singapore was not kicked out. There were some street riots between the Malays and the Chinese and the government decided that it was best for Singapore and Malaysia to part ways
@@lily6897 Aka, kicked out... The government of Singapore didn't take part in that decision as far as I'm aware, the Malay one did. And quite frankly it's not like the racial tensions where changed by that... Malaysia is still a country with a bit more racism then what's healthy and the country needs to work on that if it wants to truly get anywhere.
@@lily6897 The Malaysian(malayan) govt weren't happy because despite Singapore being part of Malaya, they had their own independent government and laws. Also, trade between the 2 countries often favoured Singapore rather than Malaya. So, Malaysia kicked Singapore out on the grounds that Singapore had nothing to offer them as a trade-off for being together
Huge fan from Singapore here, what a happy surprise to see a video about my homeland! A point to note - Singapore's economy continues to evolve in the theme of being the middleman. We are investing heavily in improving the fintech, AI / Machine Learning / general startup infrastructure and marketing ourselves as the safe, cheap (read: low taxes), and talent-rich launchpad to huge markets like Indonesia, Malaysia & Vietnam. Also, Singaporeans who hate the COE System (the thing that makes cars so expensive here) should watch this video. By levying taxes on luxury, big-ticket non-essentials like cars, the government is able to both keep fiscal policy on the expansionary side and yet not crowd out nor reduce private consumption through high tax rates. As always, loving the fantastic content that makes economics both more understandable and more enjoyable :)
As an expat in Singapore for the last 10 years, I can say your summary of the country is very good... Great place to live... Can be expensive if you want the 5-Cs (Cash, Credit-card, Car, Condo, Country-club membership), but if you live in a HDB (apartment) and take public transportation, then it can permit you to save lots of $$$$...
problem with Malaysia is that it rely so much on Kuala Lumpur instead of developing the whole Peninsular and Borneo and of course the systematic unfair regulation enforce by government to supposedly boost native input in the economy in which backfire. Singapore is lucky by size and strategic make it easier for centralize government to plan a lot of thing and of course better leader who want to make the land prosperous by any mean.
@@eesmaaura4961 MY has some social policies that are fundamentally racist. It has led to a gradual emigration of the group who are taken advantage of but who are also by far more wealthy, to look to leave. Resulting in a brain and capital drain for the country and lowering of its economic ability. Malaysian Chinese contribute some 80% of the taxes despite only accounting for 25% of the population. Whereas the native Malays are the sole receivers in social welfare despite making up some 65% of the population.
@@HMCarReviews That's what I mean by unfair regulation, sadly until the minorities in the Country stand up and demand equal right and the majority (Malay) realise the fundamental problem with current trajectories, Malaysia aren't going anywhere. Edits:minor grammar.
Interesting, also Singapore has better growth over the last few years, i would have thought Malaysia would have better growth because it's a developing country with over 30 million people but nope. in 2014 Singapores gdp was 315 billion USD and in 2018 363 billion, in Malaysia it was 338 billion in 2014 but only 354 billion in 2018, but Malaysia has 350 billion less debt than Singapore, public debt in Malaysia is 54% of GDP, in Singapore it's 111%. Eventually Malaysia will overtake them though..
Live The Future That term “immigration solution “ make it sound such a typical local sentiment rather than a India Indian response . Anyways cheers mate
@@darkless60 "make a life in Singapore" which means immigrating here, as far as the government is concerned, we're welcoming to those who can contribute, simple as that.
After watching this video I started looking into living in Singapore, and man it looks amazing. I had my sights locked on the US, and thought I was gonna move there 100% for sure, but now I'm seriously reconsidering it!!! What do you, as a Singaporean, think about it? Is it easy/affordable for us to live there?
@@yunzelee2731 Well, yeah, so I say "not exactly". It's clear that he meant to refer to the wider network that spans the whole island, in "to alleviate the need for anybody to really want a car".
It's true the images don't show the main public transport system, but I remember when I visited Singapore for a couple of weeks the underground trains were clean and well run.
@@MUSTASCH1O It is a clean and efficient system. It's because of how expensive cars are. The public transport must be effective so as people don't rely on cars for transport.
I'm from Malaysia and my 85yo dad always says, the biggest mistake that Tunku Abdul Rahman (the 1st Malaysian PM) did was to expel Singapore. I agree with him. In an alternate universe, Singapore would've been the richest state in Malaysia or even the capital heh.
@@NewmaticKe Actually, no. Malaysia would have invested all its funds into building up KL, and completely ignoring the Chinese city of Singapore. This would have probably instead led to succession instead of racial riots, since now all races would suffer poverty in Singapore. And because Singapore would not be developed, Malaysia would not get the funds it could have from Singapore. The government of Malaysia wanted Singaporean influence down, and keep KL as the seat of power.
Well many possible outcomes, but Singapore certainly will not be the capital. More like Malaysia's financial capital (like how Shanghai is to China, and NYC is to America, while both are not capitals). And Singapore would have flourished more if it was more like an SAR like HK, with its own policies in key matters.
@@huaiwei honestly, Singapore wouldn’t want that. Who likes to have one hand tied behind their back? Although I believe that Singapore and Malaysia could prosper together should our views are the same. However, I believe that our views are different and hence we separated. And I agree with our grandpa’s visions actually. Too bad tho.
Soon after independence Singaporean PM Lee Kwan Yew vowed that he would develop it just like Sri Lanka. Now Sri Lankan politicians have vowed that they would develop Sri Lanka just like Singapore. Singapore is the mother of all economic models.
4:22 "Some deep sea reserves" ?! Singapore has zero deep sea oil reserves, not a drop of oil of its own but yes there is plenty in neighbouring countries so Singapore used its ideal location to refine the oil for all of them thus creating jobs and income for itself. overall this is a good video.
Honestly, you cover these issues so well and concisely (with entertaining footage). You are my favourite economics/finance/money-related channel by a long-shot. Keep up the good work.
Singapore has always been about survival and progress, we never wanted independence but had no choice after we were expelled. Ideally if whole of Malaysia(Singapore included) could function at the level Singapore is today, the potential would be immense.
Ireland would be a very good topic for one of these videos. The fact the the country went from being one of the worst affected countries by the recession to a economic powerhouse (relatively speaking) in just 8 years is really interesting
@@thetigerii9506 as long as country infrastructure is good and majority of the populace is relatively healthy, social healthcare programs are cheaper due to scale. The government is a larger single buyer than any other insurance company could hope to be, and has more leverage on prices than literally any other entity, with theoretically less motive for profit. Gov can alsp offset cost in an insane variety of ways unavailable to companies. Insurance corps are currently a leech like middle man between private hospitals/pharma corps/citizens sucking up money to offset their own business costs for increasing shareholder profits/dividends. Healthcare is never going to be a super profitable endeavor, just like delivering mail to remote parts of the world (USPS) or insurance in a natural disaster or emergency response in said disaster. That is why it should be a fundamental part of any developed countries infrastructure/human capital investment. The fact that America pays more per capita than many nations with free or very, very heavily subsidized gov Healthcare shows how fucking embarrassingly bad modern American bureaucracy is and how badly American taxpayers (and small businesses who cannot afford competive health packages) are getting screwed over. So kindly fuck off with your backwards logic.
Hi Guys I hope you enjoy the new Video :) I will be answering questions on here for as long as I can keep up with the comments. I will also be hanging out and chatting live on the new discord server that you can join here: discord.gg/TjWDPAA Otherwise as always please like and subscribe if you enjoy :D
Great video. However I’d like to correct something you said regarding Singapore not being a great tourist destination. Whilst yes, it’s definitely geographically a small country and yeah it defiantly is too a larger degree a stopping point, Singapore is one of the few city’s in the world I could happily spend more than two weeks in. If London was on a small island off the coast of Africa, I’m sure people would still make the trip to London. I feel the same applies to Singapore. Not to mention the ease of accessing Malaysia (one of the most naturally beautiful countries) is incredibly good.
Yes, just like how people will go visit Hong Kong Shanghai or New York etc as cities with their own attractions even if there are no natural wonders like mountains and lakes.
Greetings from Singapore! I wish my school teachers could teach economics in school like this. I've been taking econs for 2 years and it's by far my least favourite subject. This is so much more fun and educational than the lectures in school.
All thanks to Lee Kuan Yew in shaping and developing Singapore. A country that lacks natural resources or infrastructure is now one of the fastest growing nations. Singapore embraces the profit motive and the idea of corporations as wealth creators. The state provides many benefits, including subsidized housing for many people. But business has never carried a taint, unlike in South Asia From a social standpoint, do ask Singaporeans or read on Quora. It's a great country especially for the 1% but generally people are very depressed. In contrast to Malaysia who obviously have laws that favor the Malays. Singapore unwritten laws favors the Chinese despite many racist cases that have been swept under the carpet (search on yt "Is it because I'm Chinese" very interesting)
It's interesting that you mentioned that SIngapore isn't as laissez-faire and free market as it seems. I was surprised by this to when I went over there, I found in the newspapers that one of the most commonly mentioned political groups in this supposed free market paradise were trade unions! Good to see how quickly you're pumping these videos out, maybe for the next video you should do a comparison between the economies of SIngapore and Hong Kong.
Singapore has probably the best public transportation in the world. What I was amazed to find out was that although the country is very rich as a whole, there aren't free university studies for their citizens, even though we have this in most EU countries that are poorer.
0:15 As someone from Singapore I think there're 2 sides to our ease of doing business. On 1 hand some taxes are low (corporate, lack of capital gains tax), the unions are friendly to the government (& in turn to companies) e.g. unwilling to strike or ask for minimum wage, insisting on productivity gains as a pre-requisite for higher salaries & I believe corporate laws here aren't too complicated (relatively speaking). On the other hand the local/domestic market is small not only because of the small population, but because the population prefers more well-established/tried & tested brands, sometimes putting local start-ups at a bit of a disadvantage against foreign competitors (who may have been around for longer) e.g. Apple vs Creative. There have been some swings in government policy too e.g. cut in basic research funding in 2018, the gov't claiming that they're just following international trends, though I heard some speculation the government was more interested in commercialisable research instead. I also heard of a case where a start-up couldn't get any VC funding simply because it was new & thus lacked a track record. Then in 2015 2 patents were revoked (the government supposedly claimed them to lack inventiveness) soon after their inventors claimed infringement by government agencies but ran out of money to sustain lawsuits (the timing which sounded suspicious IMO). But you could say some of the challenges of doing business in SG is exactly what spurs the government so much to improve life for businessmen here
As a Singaporean, there are many good points in this video. Besides the issue that cars are super expensive to the point where people prefer to take public transport. We do have a very good education that is a plus. But not everyone can compete in it which why most who are unable to do well study oversea an opposite to brain drain and that there are HDB flats we aren't just all tall fancy buildings.
'Opposite to brain drain', that's interesting, so you're saying those who can't meet the standards of Singaporean education leave the country (at least for a time) and the more educated stay behind. That is a very strange phenomenon. What impact does that have on Singapore? Does it lead to a gap in lower education necessity markets and jobs? Or is that filled with immigration?
Jollysheepherder there is a very overt emphasis on meritocracy that i think exacerbates a class problem here. Educated parents beget educated children but only because they can afford the additional amenities that help them succeed, like tuition classes. While we do have welfare organisations and handouts, they don’t exactly level the playing field. They’re not enough to get you into the network where the business and political elite hang out.
@@zef9066 Actually tbh some students from poorer families do better than rich ones, but they lack more resources though. However, an issue is that the majority of poorer families still end up with a poorer education and with no easy way out while the richer ones who can't do well just go overseas to study.
@@yuming8845 have they tried applying for scholarships? If I’m not wrong, they could seek financial assistance at their respective town council or grc. Might wanna try. Even our local universities have subsidies tho. Although I gotta admit that it is not cheap still, there are some other ways which they will need to seek the professionals in the grc to assist.
Interesting point bringing up the car cost as an example! But I would think many Singaporean see it as a luxury good to begin with. Maybe CPF would have been a better example
I don't think either policies are key drivers of Singapore's economy. Far more critical is a bilingual and industry-focused education (which the video does not explain enough of), a neutral foreign policy, strong external defence and internal security, and a stable political history.
@@jeffbenton6183 CPF is basically forced-savings. Everyone has an account and it is government run. Employees put a % of their salary in it (it is compulsory), and their employer will put another % into the account. You are not allowed to withdraw money until age 55, except for housing and medical payments. There is high interest on it so it is a really good saving account for people’s retirements. How does the government get money to have this high interest? They use the money for investments which is another source of income for the country (which I am disappointed that EE didn’t mention!). It is a really good tool to build wealth, but it could be more transparent in how the money is invested
@@tammyho3648 Thanks for responding! So, it's sort of like Social Security in the US, but the fund is constantly growing through investments? (I guess like how the Norwegian Sovereign Wealth Fund is invested in stocks instead of Bonds like in the US, except that oil has nothing to do with it)
@@jeffbenton6183 no worries, you finally get an answer one year later lol. I am not so sure what social security looks like in the US, I suppose CPF is similar to the 401k (is that social security?). And yea the funds are just continuously growing unless you withdraw at age 55 or have to pay for housing/medical bills, but even then there are 3 separate accounts in the CPF for retirement, housing and medical (I think you can also use it to pay for your children's education, I don't have kids so I am not paying attention to this). So if you deplete your medical account before age 55, you still have another account with money and you won't need to starve in your golden years. The money being put in every month by the employee and employer will be split in these 3 accounts. I guess yea you can say its like the Norwegian Sovereign Wealth Fund, but I really don't know how the CPF money is being invested so I can't tell you if bonds/oil/what types of stocks are involved! This is one area they can improve! Being more transparent with the investments
@@hannyfadia2246 not always so. Look at big developed country like Japan and small poor country like Nauru. If yes, why we not separating indonesia into Singapore-size piece?
Indonesians might disagree with that part about tourism. Singapore is one of the most popular tourism destinations of Indonesians, at least the middle upper ones.
1980s China : Deng xiao ping is baffled with singapore success , lets emulate it on 1 of out cities , Shenzhen . 2019 china : we are the perfect dictator state, thanks singapore .
You are too simple. Go travel the World, live in different places for a few years. For it to be meaningful, don't stick with your comfort zone, meet the ground level people, live in 3rd world country.
Well said. We just got to accept that when you decide to take in someone as a student, indeed, he may one day be famous or notorious. Xunzi 荀子 the famous teacher has student such as 韩非子 and 李斯 who is notorious for his evil advice 。Indeed, as a teacher, if you one day realize one of your students end up being notorious for being a terrorist like Osama bin Laden, that's truly disheartening. But whatever the outcome, it would never be such that the Teacher follows the student behaviour not action. Similarly, whatever communist China learn and do in their country pertaining to Xinjiang, Tibet, Hong Kong and Taiwan, it would never be our Spore government to mimic them no matter how great the economic reward is.
I'm Malaysian working in Singapore for 18 years. Malaysia Chinese used to go US or England to work illegally to make good money. Now we work in to Singapore instead (legally). Both countries benefits from each other. Singapore entice educated Malaysian to become Singaporean, less educated Malaysian makes money in Singapore to buy house in Malaysia, Singapore go to Malaysia for cheap getaway, Singapore get water from Malaysia at dirt-cheap price. The list goes on.
I stumbled across this channel and after watching a few videos a month or so ago I was sold. I love your videos. Could you do one on Portugal. I'd love to hear your thoughts about my country's economy. Keep up the good work!
I’ve being watching a lot of your videos lately. It’s really top tier. Would love to see you speak more about the economics of south american countrys!
Few notes u could have added: singapore is the only oecd nation that doesnt have minimum wage. Much of low skilled jobs there are being done by foreign workers who are paid whatever the employers want to pay them.
Denmark, an OECD country, doesn't have a minimum wage. Employer associations and the unions determine wages for the various sectors. Most minimum wages are 110 DKK ($16.60 USD) per hour with a 37-hour work week.
It's actually notable that the unions in Singapore (via the NTUC umbrella that most of them have to be in) actually argued *against* a min. wage previously IIRC. I estimate the lowest wages in Singapore to be around S$6/hr (~US$4) though to be fair many (though perhaps not all) things are cheaper in Singapore
You miss the part on our industrialisation , jurong was a swamp land and we reclaim it for our industry sector , we were ever in the top spot for ship building and later offshore oil rigs . Once we were the biggest producer of land mines till we signed some treaty preventing the exports of it. We never put our eggs in the same market.
@@EconomicsExplained I'd say you did a pretty good job. My only complaint is that it could be longer so you could mention more things like our public housing or the "benevolent dictatorship" we were under. And maybe more visuals of Singapore other than the shots of downtown.
It's good to be a middleman. Because you don't need to worry about the risks of managing both the natural resources and the final product. Btw, *Wendover Productions have to cover Singapore Airlines for this!*
I think you should've delved deeper in the state owned enterprises, which have created very unique system in Singapore. When the country was short of capital investment, state invested. It's very funny when you look at the numbers. Also, housing.
Speaking of Southeast Asia, I'd like to see a video on the economics in Indonesia. Lots of natural resources(Freeport gold mine, natural gas, palm oil, etc.), but still has a large wealth disparity and extreme poverty.
@@306316 For Malaysia and Singapore which are equatorial, thus being hot and humid throughout the year usually will receive more rainfall between November and January. This period is the coldest by Malaysia-Singapore's standard.
A tend to be forgotten fact. Singapore or Temasek was a busy port city 700 years before the Brits landed on the island and was a major stop in the silk route of the sea.
Fun fact: the sunset at 2:24 could not have been filmed in Singapore. Because we're just above the equator, the sun sets in a vertical down direction, and does not move noticeably to the West.
good video showing many reasons why Singapore has been doing well, such as geography and good policies. it will be good to look into each factor deeper. say the car policy, who designed it? what process it went through? or keep asking whys, how the capable policy designer is chosen? many right people has been put at the right place to effectively administer the country.
Malacca yes. Singapore not really so. It is not connected to the Malaya mainland and perhaps that's the reason why Zheng He did not stop at Singapore in the 15th century. If we would believe in myths and movies, yes, it may be a pirate trading port but the historic documentation is not strong.
Malaysia wanted to pursue racist policies but Singapore wanted meritocracy. Singapore got kicked out but became one of the most successful and advanced countries in the world despite lacking in most resources. Meanwhile despite the abundant resources and advantages, Malaysia failed to achieved developed nation status in 2020. Good and fair policies always triumphs over natural resources.
Another fascinating video. I'd love to see you make a video about the economic story of Argentina. E.g. it's early 20th Century prosperity and then the gradual decline under Peronism and military dictatorships.
man can you do Iceland ? ? Im curious to know more about how they handled 2008 crash differently from everyone else , and I really enjoy your way of explaining man , you explain this shit real good ! thank you man good on you
"If you want a car, you better be a really productive member of society" Let me fix that, how about "if you want a car, you better be rich". They're not the same thing
@@NotBamOrBing lmfaooo fallacy at its finest trying to imply that ur productivity is what makes them rich when half the time ure fucking arnd at ur job while they bust their ass to make strategic plans to drive the company. also, the fact that u think u have to be rich to drive a car in SG just coz of high cost of COE, you're clearly clouded and unaware of how many low income families work arnd their finances to get a car especially when they have big families to transport. ure probably that middle income family boy who doesnt know shit.
singapore has some manufacturing base you should've touched that. seagate manufacture their drives and supplies the world's 80% of their products from there.
Its less about resources, and mow about economic freedom. One of the greatests famines in the world was also made by a country that has very rich soil. The U.S.S.R. If we gave government the power to regulate desserts, there would be a shortage of sand (hyperbolic)
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Do read up on the SriVijaya empire mate
Economy about Nepal!
You got at least one thing wrong
This video debunks the libertarian narrative in 2 minutes
Ok quick question inst every city state rich and almost all urbansied micronations are rich provided they are not invaded or sanctioned
Singapore, the only nation that gained independence by getting expelled.
¡GET OUT OF MALAYSIA!
hi, im from Malaysia. we expelled them because there were too many Chinese there. it's funny, but it's true!
@@MarkWTK That's racist
@@darkspace3316 yup. That's how Malaysia works.
@@MarkWTK Also because the PAP led coalition was starting to influence too many people during the federal election. Even back in the 1960s, there were enough Malays that believed in equality to scare UMNO
Ofcourse the Aussie shows sheep when talking about New Zealand
We just have to retaliate with penal colony jokes
@@caad5258 Oath we do bloody auzzies
Aren't there more sheep than people in New Zealand?
@@markwong6548 Yep. There are also 4 million cattle in New Zealand to our population of 4.7. We have a lot of agriculture.
I guess hobbits were copyright protected.
Their first Prime Minister showed the world what administration without corruption is capable of doing
While their neighbours have some of the most corrupt head of governments...
Looking at you, Najib and Suharto. Their corruption-laden rule and aftermath had nearly ruined the very nation they governed.
@Karl Marx tf Marx it's you?
@@elhaddad3435 then why schools and healthcare in singapore are private owned
@@RealCherry8085 Socialism isn't government.
@@elhaddad3435 Nope it's too risky.
Singapore didn’t claim independence, it was forced out of the union and exiled to become its own nation.
ho ho
Oh how the turntables
It was allowed self rule while the British existed but they later retrieved due to financial strain on the Empire after WW2. To add, during the Japanese invasion Singapore was greatly damaged and many British assassinated. So setting up operations to normally after the war seemed very heavy for the Empire coffers. However, the British did give independence to Malay region while retaining Singapore as their base. Later, when the British packed up. Lee Kuan Yew, the then Prime Minister of the already democratic Singapore called for merger with the Malay for lack of resources and for defense purposes . They merged and thus was born - Malaysia ! However, the people of the two countries did not jell well, there was bloodshed. The then Malaysian govt asked Singapore for partition and Singapore got divided again. Lee Kuan Yew famously broke down on TV when this happened. He was very bleak about Singapore future left to itself in a yet not peaceful world and on having lost the single largest employer back then - the British Navy and Empire. They truly started from rock bottom. Lee Kuan Yew's brilliance, Leadership and Economic savvy were the only reason Singapore made it and later beyond. Into becoming the most successful nations in the world. Its truly a great story, which the world are lately taking notice off.
The British Empire has been known to not take proper care of its colonies in matter of partition and conflict assessment; the controversial India - Pakistan division and Singapore - Malaysia are one of many victims of the negligence of the british.
Singapore gained independence from British rule initially. Then joined Malaysia. And then kicked out shortly after
@@jeffersonneo464 yep. Spot on
Singapore didn't claim independence, it basically was rejected by Malaysia.
It was a divorce
Kah Hin Lai a painful divorce but now we don’t need no man! XD
@@wannabeedgelord4884 i see that you remain true with your name.
This guy gets it.
Ang Moh don't our history la.
@@DragN_H3art makes no difference, when it is still one-sided.
fun fact, sometimes cars can get as expensive as houses in singapore.
Soooooo fun
Yet you don't really own it at all, only being rented for 30-35 years. Also for houses, you don't really owned it, only being rented for 2-3 generations at maximum limit
You can get 3 houses with only 1 honda civic in Indonesia
@@williemherbert1456 depends. houses are either 99year lease, 999year lease, or freehold
@@angbenyi6618 How to get the freehold one? When I went to Singapore, asking the local I met, they explain that most of the houses here are being leased for limited periods, it's rare but not really too uncommon to find full ownership of housing property here they said.
5:27 "Wendover Productions has joined the chat" lol
Well, that explain it all, doesn't it?
i got a good laugh out of that one
Too true, too true
Forgive me. I didn't quite get that joke. I saw the white flash, but I didn't get the reference.
@@bbd121 Wendover is an economics TH-cam channel where almost any video contains a few words about the relationship of the topic to the economics of aircraft. It has become a running gag.
You should have also added that the Singapore made English the official language where every student is taught English as their primary language. This made it very convenient linguistically for almost all the countries in the world to do transact, do business and base themselves in Singapore. Even more so than Hongkong back in the day. However, they also have a mother tongue policy where it is compulsory for students to learn their own mother tongue as a second language. This in effect made every Singaporean bilingual.
Also an interesting cultural quirk is 'Singalish'. A very unique dialect of English and more a true dialect than most other English dialects can claim
Singapore: So I...
Rwanda: WRITE THAT DOWN!
So true! Love Rwanda!
It’s because the president of Rwanda idolises the first president of Singapore
@@sdprz7893 Hais it worked out for Rwanda so far?
@@giorgosandrigiannakis1375 Well they're the 3rd fastest growing nation on earth so kinda yeah
@@giorgosandrigiannakis1375 From what I've seen it is working for them.
Also worth noting: Singapore owns 80% of their hospital capacity and sponsors public housing for 80% of the entire citizenry. Also, if housing projects want that sweet, sweet government money then they need to follow diversity quotas within each building for all of the ethnic groups present in Singapore. That capitalism/socialism duality is simply stunning.
I recall that private housing prices in Singapore are actually around the same as various major cities around the world. The difference is that Singapore has way more public housing.
@@lzh4950 and less homelessness so what is you're point if market prices are higher for less typical housing?
@@james192599 My point is that the housing market in the country can be more nuanced & harder to generalize as cheaper or more expensive
Woohooo! Singapore!
Thanks for covering us, and in a positive manner! Haha
1:51
Actually, Singapore never claimed independence from Malaysia, they where kicked out of the country.
It's kind of a weird story really...
Singapore was not kicked out. There were some street riots between the Malays and the Chinese and the government decided that it was best for Singapore and Malaysia to part ways
@@lily6897 Aka, kicked out...
The government of Singapore didn't take part in that decision as far as I'm aware, the Malay one did.
And quite frankly it's not like the racial tensions where changed by that...
Malaysia is still a country with a bit more racism then what's healthy and the country needs to work on that if it wants to truly get anywhere.
@@lily6897 The Malaysian(malayan) govt weren't happy because despite Singapore being part of Malaya, they had their own independent government and laws. Also, trade between the 2 countries often favoured Singapore rather than Malaya. So, Malaysia kicked Singapore out on the grounds that Singapore had nothing to offer them as a trade-off for being together
Yeah lor, we claim independence from UK, expelled from Federation of Malaysia
Huge fan from Singapore here, what a happy surprise to see a video about my homeland! A point to note - Singapore's economy continues to evolve in the theme of being the middleman. We are investing heavily in improving the fintech, AI / Machine Learning / general startup infrastructure and marketing ourselves as the safe, cheap (read: low taxes), and talent-rich launchpad to huge markets like Indonesia, Malaysia & Vietnam.
Also, Singaporeans who hate the COE System (the thing that makes cars so expensive here) should watch this video. By levying taxes on luxury, big-ticket non-essentials like cars, the government is able to both keep fiscal policy on the expansionary side and yet not crowd out nor reduce private consumption through high tax rates.
As always, loving the fantastic content that makes economics both more understandable and more enjoyable :)
yo, india here, asia's the best xd :)
@@Pushed2InsanityYT India... is part of Asia.
Some were born independent, some achieved independent, and Singaporeans had independence thrust upon them.
As an expat in Singapore for the last 10 years, I can say your summary of the country is very good... Great place to live...
Can be expensive if you want the 5-Cs (Cash, Credit-card, Car, Condo, Country-club membership), but if you live in a HDB (apartment) and take public transportation, then it can permit you to save lots of $$$$...
I think few expats can resist the lure of the 5Cs, but if they can. Wow, they can really save a lot.
Singapore total GDP is more than that of Malaysia, even tho it has a lot less people and is way way smaller.
problem with Malaysia is that it rely so much on Kuala Lumpur instead of developing the whole Peninsular and Borneo and of course the systematic unfair regulation enforce by government to supposedly boost native input in the economy in which backfire. Singapore is lucky by size and strategic make it easier for centralize government to plan a lot of thing and of course better leader who want to make the land prosperous by any mean.
Goes to show how important economic policy is. Having lots of natural resources doesn't guarantee success. Not having them doesnt guarantee failure.
@@eesmaaura4961 MY has some social policies that are fundamentally racist.
It has led to a gradual emigration of the group who are taken advantage of but who are also by far more wealthy, to look to leave. Resulting in a brain and capital drain for the country and lowering of its economic ability. Malaysian Chinese contribute some 80% of the taxes despite only accounting for 25% of the population. Whereas the native Malays are the sole receivers in social welfare despite making up some 65% of the population.
@@HMCarReviews That's what I mean by unfair regulation, sadly until the minorities in the Country stand up and demand equal right and the majority (Malay) realise the fundamental problem with current trajectories, Malaysia aren't going anywhere.
Edits:minor grammar.
Interesting, also Singapore has better growth over the last few years, i would have thought Malaysia would have better growth because it's a developing country with over 30 million people but nope.
in 2014 Singapores gdp was 315 billion USD and in 2018 363 billion, in Malaysia it was 338 billion in 2014 but only 354 billion in 2018, but Malaysia has 350 billion less debt than Singapore, public debt in Malaysia is 54%
of GDP, in Singapore it's 111%. Eventually Malaysia will overtake them though..
Indian here. I’ve lived in Singapore for an year I can say it’s my fav country. ❤️
We're happy to have you
Singapore is really just one of the many immigration solutions for us Indians anyway.
Live The Future That term “immigration solution “ make it sound such a typical local sentiment rather than a India Indian response . Anyways cheers mate
BoomMoob I went there for 3 days and I can say it’s my favorite too. Such a beautiful country
You work in a bank or in IT? Lol
Singapore also has a fairly significant National Sovereign Fund which acts as a safety net, surprised this was not covered.
having spent a lot of time in Singapore, I love the place. It's a truly astounding nation.
So did you serve the national service
@@felix4059 no but I wouldn’t be opposed
Finally someone say something about my home thank you
@DF AMO outsiders who have something to give*
We don't give citinzenship to any tom dick and harry that applies
Kan Daimai sigh. Most of us are welcoming. When in Rome, just do as the romans do
@@darkless60 "make a life in Singapore" which means immigrating here, as far as the government is concerned, we're welcoming to those who can contribute, simple as that.
Well.... Greetings from the border
I live in Johor bahru
After watching this video I started looking into living in Singapore, and man it looks amazing. I had my sights locked on the US, and thought I was gonna move there 100% for sure, but now I'm seriously reconsidering it!!! What do you, as a Singaporean, think about it? Is it easy/affordable for us to live there?
8:15 that footage is not exactly of our public transport (MRT trains), it's actually the sky train between airport terminals.
It is still a public transport within the airport's terminals
@@yunzelee2731 Well, yeah, so I say "not exactly". It's clear that he meant to refer to the wider network that spans the whole island, in "to alleviate the need for anybody to really want a car".
It's true the images don't show the main public transport system, but I remember when I visited Singapore for a couple of weeks the underground trains were clean and well run.
@@yunzelee2731 Dosen't do justice.
Should use proper footage of how cramped peak hour is... 😂
@@MUSTASCH1O It is a clean and efficient system.
It's because of how expensive cars are.
The public transport must be effective so as people don't rely on cars for transport.
love how you explained things straightforward, not dragging on to try to force audience stay with the video. thank you for good work!
I'm from Malaysia and my 85yo dad always says, the biggest mistake that Tunku Abdul Rahman (the 1st Malaysian PM) did was to expel Singapore. I agree with him. In an alternate universe, Singapore would've been the richest state in Malaysia or even the capital heh.
Today, Malaysia will be a powerhouse if Singapore was not kicked
@@NewmaticKe Actually, no. Malaysia would have invested all its funds into building up KL, and completely ignoring the Chinese city of Singapore. This would have probably instead led to succession instead of racial riots, since now all races would suffer poverty in Singapore. And because Singapore would not be developed, Malaysia would not get the funds it could have from Singapore. The government of Malaysia wanted Singaporean influence down, and keep KL as the seat of power.
Well many possible outcomes, but Singapore certainly will not be the capital. More like Malaysia's financial capital (like how Shanghai is to China, and NYC is to America, while both are not capitals).
And Singapore would have flourished more if it was more like an SAR like HK, with its own policies in key matters.
@@huaiwei honestly, Singapore wouldn’t want that. Who likes to have one hand tied behind their back? Although I believe that Singapore and Malaysia could prosper together should our views are the same. However, I believe that our views are different and hence we separated. And I agree with our grandpa’s visions actually. Too bad tho.
According to this logic, JB would be extremely successful because of its proximity and similar advantages in geographic location. But is it?
Soon after independence Singaporean PM Lee Kwan Yew vowed that he would develop it just like Sri Lanka. Now Sri Lankan politicians have vowed that they would develop Sri Lanka just like Singapore. Singapore is the mother of all economic models.
4:22 "Some deep sea reserves" ?! Singapore has zero deep sea oil reserves, not a drop of oil of its own but yes there is plenty in neighbouring countries so Singapore used its ideal location to refine the oil for all of them thus creating jobs and income for itself. overall this is a good video.
Unless the source had Jurong Rock Caverns in mind (the underground petroleum products storage area located beneath the seas south of SG ;)
@@lzh4950 Correct
keep 'em coming, mate! Don't forget Norway references, as always 😂
Hahah ooooh nooo, I forgot that one in this video.
Hahaha. Too fond of Norway
@@EconomicsExplained An Economics Explained video without Norway? What's this? A Wendover video without planes?
Honestly, you cover these issues so well and concisely (with entertaining footage). You are my favourite economics/finance/money-related channel by a long-shot. Keep up the good work.
Singapore has always been about survival and progress, we never wanted independence but had no choice after we were expelled. Ideally if whole of Malaysia(Singapore included) could function at the level Singapore is today, the potential would be immense.
Ireland would be a very good topic for one of these videos. The fact the the country went from being one of the worst affected countries by the recession to a economic powerhouse (relatively speaking) in just 8 years is really interesting
Getting kicked out of Malaysia was the best thing that happened to Singapore😏
You could've said something more about their marvellous health care system. Good video nonetheless
asianmacker not hard to spend less than Canada. We’re such a vast country.
@@millwright7732 Less per capita, I guess
@@angelrdev no, Canada is physically massive, increasing cost.
our healthcare works because we are a small nation. don't use this as an excuse to vote in failed sociallised healthcare programs in your countries
@@thetigerii9506 as long as country infrastructure is good and majority of the populace is relatively healthy, social healthcare programs are cheaper due to scale. The government is a larger single buyer than any other insurance company could hope to be, and has more leverage on prices than literally any other entity, with theoretically less motive for profit. Gov can alsp offset cost in an insane variety of ways unavailable to companies. Insurance corps are currently a leech like middle man between private hospitals/pharma corps/citizens sucking up money to offset their own business costs for increasing shareholder profits/dividends.
Healthcare is never going to be a super profitable endeavor, just like delivering mail to remote parts of the world (USPS) or insurance in a natural disaster or emergency response in said disaster. That is why it should be a fundamental part of any developed countries infrastructure/human capital investment. The fact that America pays more per capita than many nations with free or very, very heavily subsidized gov Healthcare shows how fucking embarrassingly bad modern American bureaucracy is and how badly American taxpayers (and small businesses who cannot afford competive health packages) are getting screwed over. So kindly fuck off with your backwards logic.
Hi Guys I hope you enjoy the new Video :) I will be answering questions on here for as long as I can keep up with the comments. I will also be hanging out and chatting live on the new discord server that you can join here: discord.gg/TjWDPAA
Otherwise as always please like and subscribe if you enjoy :D
Hi, I'd love to see a video about your thoughts on Portugal.
Somehow you made me interested in Economics now!🙋🏽♂️
can do video on Austria?
Hello, loved your video. Hope you can do economic of Malaysia 👍
Just one nitpick. Singapore didn't claim independence. They we're kicked out by Malaysia. They are only country to be kicked out of another country.
Could you, please, show this instant blackscreen comments during a little more time? They are hard to read this fast! Thank you
Great video. However I’d like to correct something you said regarding Singapore not being a great tourist destination. Whilst yes, it’s definitely geographically a small country and yeah it defiantly is too a larger degree a stopping point, Singapore is one of the few city’s in the world I could happily spend more than two weeks in. If London was on a small island off the coast of Africa, I’m sure people would still make the trip to London. I feel the same applies to Singapore. Not to mention the ease of accessing Malaysia (one of the most naturally beautiful countries) is incredibly good.
Yes, just like how people will go visit Hong Kong Shanghai or New York etc as cities with their own attractions even if there are no natural wonders like mountains and lakes.
singapore is the city of cities. just fascinating to see how much innovation there is
You're welcome to visit as often as you like. We're only small but love people like you to enrich our country!
Greetings from Singapore! I wish my school teachers could teach economics in school like this. I've been taking econs for 2 years and it's by far my least favourite subject. This is so much more fun and educational than the lectures in school.
What do you learn? Im thinking of taking a course in that field
JC econs is cancer
All thanks to Lee Kuan Yew in shaping and developing Singapore. A country that lacks natural resources or infrastructure is now one of the fastest growing nations. Singapore embraces the profit motive and the idea of corporations as wealth creators. The state provides many benefits, including subsidized housing for many people. But business has never carried a taint, unlike in South Asia
From a social standpoint, do ask Singaporeans or read on Quora. It's a great country especially for the 1% but generally people are very depressed. In contrast to Malaysia who obviously have laws that favor the Malays. Singapore unwritten laws favors the Chinese despite many racist cases that have been swept under the carpet (search on yt "Is it because I'm Chinese" very interesting)
Ya, sangat betul laa.
Dia tidak menyebut LKY dan memuji orang kulit putih.
Singapore has the unhappiest people in the world.
@economicsexplained you are on the short list of TH-cam Creators I eagerly await videos from. I hope you continue doing what you do!
It's interesting that you mentioned that SIngapore isn't as laissez-faire and free market as it seems. I was surprised by this to when I went over there, I found in the newspapers that one of the most commonly mentioned political groups in this supposed free market paradise were trade unions! Good to see how quickly you're pumping these videos out, maybe for the next video you should do a comparison between the economies of SIngapore and Hong Kong.
Why would you comparing the economies of a country with the SAR?
Singaporean here. We didn't claim independence we were kicked out.
Singapore has probably the best public transportation in the world. What I was amazed to find out was that although the country is very rich as a whole, there aren't free university studies for their citizens, even though we have this in most EU countries that are poorer.
0:15 As someone from Singapore I think there're 2 sides to our ease of doing business. On 1 hand some taxes are low (corporate, lack of capital gains tax), the unions are friendly to the government (& in turn to companies) e.g. unwilling to strike or ask for minimum wage, insisting on productivity gains as a pre-requisite for higher salaries & I believe corporate laws here aren't too complicated (relatively speaking). On the other hand the local/domestic market is small not only because of the small population, but because the population prefers more well-established/tried & tested brands, sometimes putting local start-ups at a bit of a disadvantage against foreign competitors (who may have been around for longer) e.g. Apple vs Creative. There have been some swings in government policy too e.g. cut in basic research funding in 2018, the gov't claiming that they're just following international trends, though I heard some speculation the government was more interested in commercialisable research instead. I also heard of a case where a start-up couldn't get any VC funding simply because it was new & thus lacked a track record. Then in 2015 2 patents were revoked (the government supposedly claimed them to lack inventiveness) soon after their inventors claimed infringement by government agencies but ran out of money to sustain lawsuits (the timing which sounded suspicious IMO). But you could say some of the challenges of doing business in SG is exactly what spurs the government so much to improve life for businessmen here
As a Singaporean, there are many good points in this video. Besides the issue that cars are super expensive to the point where people prefer to take public transport. We do have a very good education that is a plus. But not everyone can compete in it which why most who are unable to do well study oversea an opposite to brain drain and that there are HDB flats we aren't just all tall fancy buildings.
'Opposite to brain drain', that's interesting, so you're saying those who can't meet the standards of Singaporean education leave the country (at least for a time) and the more educated stay behind. That is a very strange phenomenon. What impact does that have on Singapore? Does it lead to a gap in lower education necessity markets and jobs? Or is that filled with immigration?
Jollysheepherder there is a very overt emphasis on meritocracy that i think exacerbates a class problem here. Educated parents beget educated children but only because they can afford the additional amenities that help them succeed, like tuition classes. While we do have welfare organisations and handouts, they don’t exactly level the playing field. They’re not enough to get you into the network where the business and political elite hang out.
@@wilmo4809 The ladder there are a lot of foreigners coming into the country.
@@zef9066 Actually tbh some students from poorer families do better than rich ones, but they lack more resources though. However, an issue is that the majority of poorer families still end up with a poorer education and with no easy way out while the richer ones who can't do well just go overseas to study.
@@yuming8845 have they tried applying for scholarships? If I’m not wrong, they could seek financial assistance at their respective town council or grc. Might wanna try. Even our local universities have subsidies tho. Although I gotta admit that it is not cheap still, there are some other ways which they will need to seek the professionals in the grc to assist.
Interesting point bringing up the car cost as an example! But I would think many Singaporean see it as a luxury good to begin with. Maybe CPF would have been a better example
I don't think either policies are key drivers of Singapore's economy. Far more critical is a bilingual and industry-focused education (which the video does not explain enough of), a neutral foreign policy, strong external defence and internal security, and a stable political history.
What's the CPF? Sorry for my ignorance, thanks
@@jeffbenton6183 CPF is basically forced-savings. Everyone has an account and it is government run. Employees put a % of their salary in it (it is compulsory), and their employer will put another % into the account. You are not allowed to withdraw money until age 55, except for housing and medical payments. There is high interest on it so it is a really good saving account for people’s retirements. How does the government get money to have this high interest? They use the money for investments which is another source of income for the country (which I am disappointed that EE didn’t mention!). It is a really good tool to build wealth, but it could be more transparent in how the money is invested
@@tammyho3648 Thanks for responding! So, it's sort of like Social Security in the US, but the fund is constantly growing through investments?
(I guess like how the Norwegian Sovereign Wealth Fund is invested in stocks instead of Bonds like in the US, except that oil has nothing to do with it)
@@jeffbenton6183 no worries, you finally get an answer one year later lol. I am not so sure what social security looks like in the US, I suppose CPF is similar to the 401k (is that social security?). And yea the funds are just continuously growing unless you withdraw at age 55 or have to pay for housing/medical bills, but even then there are 3 separate accounts in the CPF for retirement, housing and medical (I think you can also use it to pay for your children's education, I don't have kids so I am not paying attention to this). So if you deplete your medical account before age 55, you still have another account with money and you won't need to starve in your golden years. The money being put in every month by the employee and employer will be split in these 3 accounts. I guess yea you can say its like the Norwegian Sovereign Wealth Fund, but I really don't know how the CPF money is being invested so I can't tell you if bonds/oil/what types of stocks are involved! This is one area they can improve! Being more transparent with the investments
I friggin' LOVE Singapore! Been there 7 times. Expensive but worth every penny.
Great video, pretty intelligent analysis of why and how things happened... thanks!
Thanks mate glad you enjoyed :)
Overproud indonesian be like:
"Smaller country, easier to manage."
"Singapore rich because indonesia."
"We give you oxygen"
gives sg and us in malaysia haze every year
The first one has some truth in it
Our president is slowly emulating singapore . Singapore is assisting indonesia human resource development
@@steevan yeah I hope so. We stuck for 32 years.
@@hannyfadia2246 not always so. Look at big developed country like Japan and small poor country like Nauru.
If yes, why we not separating indonesia into Singapore-size piece?
What a coincidence, I was thinking when you would make a video about Singapore. I even thought about suggesting it. Great work!
Are you planning a video on Finland in the near future? I think it would be an interesting video considering Finland rocky start with independence.
Indonesians might disagree with that part about tourism. Singapore is one of the most popular tourism destinations of Indonesians, at least the middle upper ones.
Thank you for letting the world know more about my homeland!
I went there last year. One of the best experiences of my life!
Singapore is fascist ?
Internet Troll are trolls humans?
@@preciousjose yes
Lame
1980s China : Deng xiao ping is baffled with singapore success , lets emulate it on 1 of out cities , Shenzhen .
2019 china : we are the perfect dictator state, thanks singapore .
Can democracy feed u? Haha
You are too simple. Go travel the World, live in different places for a few years. For it to be meaningful, don't stick with your comfort zone, meet the ground level people, live in 3rd world country.
Kee Chung Low pigs like you only care about food, a lot of people care about things higher up in the Maslow's hierarchy of needs.
Kee Chung Low yes democracy can feed people
Well said. We just got to accept that when you decide to take in someone as a student, indeed, he may one day be famous or notorious. Xunzi 荀子 the famous teacher has student such as 韩非子 and 李斯 who is notorious for his evil advice 。Indeed, as a teacher, if you one day realize one of your students end up being notorious for being a terrorist like Osama bin Laden, that's truly disheartening. But whatever the outcome, it would never be such that the Teacher follows the student behaviour not action.
Similarly, whatever communist China learn and do in their country pertaining to Xinjiang, Tibet, Hong Kong and Taiwan, it would never be our Spore government to mimic them no matter how great the economic reward is.
I'm Malaysian working in Singapore for 18 years. Malaysia Chinese used to go US or England to work illegally to make good money. Now we work in to Singapore instead (legally). Both countries benefits from each other. Singapore entice educated Malaysian to become Singaporean, less educated Malaysian makes money in Singapore to buy house in Malaysia, Singapore go to Malaysia for cheap getaway, Singapore get water from Malaysia at dirt-cheap price. The list goes on.
I stumbled across this channel and after watching a few videos a month or so ago I was sold. I love your videos. Could you do one on Portugal. I'd love to hear your thoughts about my country's economy. Keep up the good work!
Give credit where credit is due, Albert Winsemius, the Dutch economist who literally worked for free as Lee Kuan Yu's economic advisor
I’ve being watching a lot of your videos lately. It’s really top tier. Would love to see you speak more about the economics of south american countrys!
Guess what I freaking love about economics explained? They actually include citations!!!!!!
I've been watching your YT channel for a while now. Must say its really informative. BTW You've earned yourself a new subscriber mate. :)
Thanks mate, glad to hear it and glad you have been enjoying the video's :)
Proud to be Singaporean! 💪🏾
MaJoR you should be 😊🇸🇬
Ever since I found your channel, I’ve been waiting for a video on Singapore to be made
Few notes u could have added: singapore is the only oecd nation that doesnt have minimum wage. Much of low skilled jobs there are being done by foreign workers who are paid whatever the employers want to pay them.
Denmark, an OECD country, doesn't have a minimum wage. Employer associations and the unions determine wages for the various sectors. Most minimum wages are 110 DKK ($16.60 USD) per hour with a 37-hour work week.
They are foreigners, they choose to come....or stay at home.
It's actually notable that the unions in Singapore (via the NTUC umbrella that most of them have to be in) actually argued *against* a min. wage previously IIRC. I estimate the lowest wages in Singapore to be around S$6/hr (~US$4) though to be fair many (though perhaps not all) things are cheaper in Singapore
Singapore is not an OECD nation.
Singapore is amazing. Lee Kuan Yew was a true genius
The notification bell works
Hahaha thanks for your support mate :)
You miss the part on our industrialisation , jurong was a swamp land and we reclaim it for our industry sector , we were ever in the top spot for ship building and later offshore oil rigs . Once we were the biggest producer of land mines till we signed some treaty preventing the exports of it. We never put our eggs in the same market.
Finally a video on Singapore !!
Glad I could provide, hopefully I do it justice!
@@EconomicsExplained I'd say you did a pretty good job. My only complaint is that it could be longer so you could mention more things like our public housing or the "benevolent dictatorship" we were under. And maybe more visuals of Singapore other than the shots of downtown.
Love your content. Keep up the good work!
It's good to be a middleman.
Because you don't need to worry about the risks of managing both the natural resources and the final product.
Btw, *Wendover Productions have to cover Singapore Airlines for this!*
Risk of being replaced.
@@RonLarhz yes but at Asian scale, who can beat SG? Even they took advantage of HK distress, indirectly
@@adiabd1
Took hk advantage? You mad bro? They are trashing our businesses there like banks etc.
Because it has neither
I think you should've delved deeper in the state owned enterprises, which have created very unique system in Singapore. When the country was short of capital investment, state invested. It's very funny when you look at the numbers. Also, housing.
I honestly love your videos.They are so educative. I am ranking you above VisualPolitik.. All the way from Abuja, Nigeria.. 🇳🇬🇳🇬🇳🇬
Nice Video! Hopefully you could cover the rest of southeast asia as well?
Speaking of Southeast Asia, I'd like to see a video on the economics in Indonesia. Lots of natural resources(Freeport gold mine, natural gas, palm oil, etc.), but still has a large wealth disparity and extreme poverty.
Excited for this
Thanks mate, hopefully it lives up to expectations :)
@@EconomicsExplained definitely did thanks so much for the video
Great video as always. Love from Malaysia.
“Great things come in small packages" that's what my LSD dealer says.
thats what my therapist says about my number 1 insecurity as a man
Dude, this channel is great!
Anyone else watching from Singapore?
Spot on points mate! done some good research! as someone who used to live in Singapore from Australia .
I’m staying the night in Singapore currently before my flight to Bali tomorrow. Beautiful country wish I was here for longer than a day.
Singapore, Dubai, and Qatar are very popular stopover destinations.
In my fictional world, Malaysia surpasses Singapore in every area
Can you do a video on the economics of China, I think it would no doubt be an interesting video.
Singapore is really really smart.
I’m going to Singapore in 2 days!
Cowfish Cowfish nice, singapore is about to experience colder temp the next few weeks
@@fieldfrost4220 What do you mean colder... our 4 seasons are summer, summer, summer, and haze
@@306316 lol dont u mean
Hot, hotter and hottest xD
Xue Yaocong sgag said next few weeks temp will drop to 23 at night i mean its still hot for ang mohs
@@306316 For Malaysia and Singapore which are equatorial, thus being hot and humid throughout the year usually will receive more rainfall between November and January. This period is the coldest by Malaysia-Singapore's standard.
When can we expect that Venetian Republic video? It would be a cool subject for this channel.
Just in time for my first night in Singapore this trip
A tend to be forgotten fact. Singapore or Temasek was a busy port city 700 years before the Brits landed on the island and was a major stop in the silk route of the sea.
Make video on Economics of UAE. Similar to Singapore
I waited until the 10:03 mins were over just because you deserve it because of the quality of your videos
Make a video about Malaysia's economy!
LoL! Just dont, later people mocking as its failed stated!
Jay Aaron lol, why? Nothing stellar or spectacular to talk about. Not being a snob, my country is in the same basket.
Fun fact: the sunset at 2:24 could not have been filmed in Singapore. Because we're just above the equator, the sun sets in a vertical down direction, and does not move noticeably to the West.
BUT....will you make a video on the economy of The Netherlands?
good video showing many reasons why Singapore has been doing well, such as geography and good policies. it will be good to look into each factor deeper. say the car policy, who designed it? what process it went through? or keep asking whys, how the capable policy designer is chosen? many right people has been put at the right place to effectively administer the country.
Singapore/Malacca actually has been center for trade long before British rule
Doesn't matter, white people will find a way to take credit for it.
fr. that region probably has been rich as hell for years before colonization happened.
Malacca yes. Singapore not really so. It is not connected to the Malaya mainland and perhaps that's the reason why Zheng He did not stop at Singapore in the 15th century. If we would believe in myths and movies, yes, it may be a pirate trading port but the historic documentation is not strong.
Oh my God. Finally. It was only a matter of time till you make a video on Singapore.
Malaysia wanted to pursue racist policies but Singapore wanted meritocracy. Singapore got kicked out but became one of the most successful and advanced countries in the world despite lacking in most resources. Meanwhile despite the abundant resources and advantages, Malaysia failed to achieved developed nation status in 2020. Good and fair policies always triumphs over natural resources.
Another fascinating video.
I'd love to see you make a video about the economic story of Argentina. E.g. it's early 20th Century prosperity and then the gradual decline under Peronism and military dictatorships.
5:30 "Wendover productions: has joined the chat" What am I missing?
He really likes talking about airplanes
man can you do Iceland ? ? Im curious to know more about how they handled 2008 crash differently from everyone else , and I really enjoy your way of explaining man , you explain this shit real good ! thank you man good on you
"If you want a car, you better be a really productive member of society"
Let me fix that, how about "if you want a car, you better be rich". They're not the same thing
Being rich is usually a result of being productive.
@@IglooDweller Paying other people for their productivity* (and those people won't get rich)
@@NotBamOrBing lmfaooo fallacy at its finest trying to imply that ur productivity is what makes them rich when half the time ure fucking arnd at ur job while they bust their ass to make strategic plans to drive the company. also, the fact that u think u have to be rich to drive a car in SG just coz of high cost of COE, you're clearly clouded and unaware of how many low income families work arnd their finances to get a car especially when they have big families to transport. ure probably that middle income family boy who doesnt know shit.
@@IglooDweller ssshhh dont tell them the recipe for success and being rich these kind of ppl will blame anything but their incompetency
Whyareall They got rich from taking investment risks. Do you think starting a small bussiness is easy
singapore has some manufacturing base you should've touched that. seagate manufacture their drives and supplies the world's 80% of their products from there.
Its less about resources, and mow about economic freedom. One of the greatests famines in the world was also made by a country that has very rich soil. The U.S.S.R. If we gave government the power to regulate desserts, there would be a shortage of sand (hyperbolic)
great content!