Economy of Singapore: Singapore has a highly developed trade-oriented market economy.Singapore’s economy has been ranked as the most open in the world,7th least corrupt,most pro-business, with low tax rates (14.2% of Gross Domestic Product, GDP) and has the third highest per-capita GDP in the world; in terms of Purchasing Power Parity (PPP).
Politics of Singapore: The politics of Singapore takes the form of a parliamentary representative democratic republic whereby the President of Singapore is the head of state, the Prime Minister of Singapore is the head of government, and of a multi-party system. Executive power is exercised by the cabinet, and to a lesser extent, the President.
Introduction to Singapore’s Political System: Since the day Singapore officially gaining sovereignty on 9 August 1965, its politics has been dominated by the People’s Action Party (PAP). During the 2006 election the PAP won 82 out of 84 seats in the nation’s Parliament. Despite the PAP’s dealings with communists in the early days, its governing philosophy for the last several decades can best be described as Socialist Democracy.
Singapore’s Political Economy: Two Paradoxes: Economist Bryan Caplan, noted for his insights on public choice, visited Singapore in November 2008. His observations address how “economically efficient, but politically unpopular” policies might successfully be carried through a democratic system, and sheds light on the environment in which public policy is made and implemented in Singapore.