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Singapore's development and Caribbean athletes
Sunday, June 26, 2011
The keynote address by Henri Ghesquiere, visiting professor at the Lee Kuan Yew School of Public Policy, Singapore to the Institute of Chartered Accountants of the Caribbean (ICAC) 29th Conference at the Jamaica Pegasus Hotel in New Kingston on June 24. The conference was held under the theme 'Third to First - Going the Distance'.
Singapore's development and Caribbean athletes
Sunday, June 26, 2011
GHESQUIERE… says he considers Vision 2030 eminently wellconceived, eloquently articulated, and well-prioritised and Jamaica’s plan of reaching first-world prosperity within two decades is an admirably ambitious and worthwhile goal
WHEN the organisers invited me to this conference I responded enthusiastically. Visiting Jamaica for the first time was intriguing: At the IMF I had valued working with Jamaican colleagues and had sympathised with the country's development struggle, albeit from a distance. Addressing ICAC professionals is an honour; and I share the accountant's mindset of delving into financial spreadsheets -- although in my case at the overall country-level.
But mostly, the ingenious subtheme of this conference proved irresistible: what are the common roots of impressive success of champions in development such as Singapore and in sports such as Caribbean track stars? Solving this puzzle raised my adrenaline as an economist but also a former marathon runner.
Singapore's success
Singapore is admired for its spectacular economic success. You touch down at the island's ultra-modern airport -- routinely voted the world's most efficient.
Soon you navigate through lanes of gleaming new cars in a tropical garden setting. A glimpse of the sea reveals hundreds of ships in front of the world's busiest container port. And the records keep coming: the world's fastest growing economy between 1960 and 2000, registering an average annual rate of growth of almost eight per cent. This vibrant, ultra-clean, cosmopolitan city now has five million people. With state-of-the-art interconnectivity, its high-rise glitz is home to over 10,000 multinational corporations.
And Singapore showcases its medals: Over the past four decades, virtually full employment, except in some recession years; a rate of inflation typically under two per cent. Wages after inflation rose fairly steadily reflecting increased productivity. Life expectancy and the quality of health care are among the highest in the world. Streets are safe to walk -- night and day -- for women and men. There is political stability and social harmony.
And then the ultimate trophies: a brand name that exudes reliability, excellence and integrity. Singapore and its leaders command respect around the world. The purchasing power of its GDP per person (at around US$50,000) now exceeds that of the United States. Once among the impoverished, powerless and ignored ex-colonies labelled the Third World, Singapore beyond a doubt has become a first-rank prosperous nation.
Some reservations
But I must temper my exuberance. Singapore is not without problems. It is not paradise on earth: success comes at a price. High performance is expected and Singaporeans lead intense lives. Career demands may conflict with having children. Income disparity has widened: a taxi driver may silently envy his well-heeled passenger for earning in minutes what he makes in a 10-hour shift.
And Singapore has its detractors. The People's Action Party (PAP) has ruled uninterruptedly since 1959. Voters have returned it to power in 15 consecutive elections that the US State Department has characterised as free and fair. But some democratic liberties are more restricted than in the West. In 2006 renowned financier George Soros opined that Singapore was not an "open society" because the use of libel suits against opposition politicians curbs the freedom of expression.
Others downplay Singapore's achievements. Some point to the city-state's small territory of less than 20 by 40 kilometers. They doubt whether Singapore's recipe for success can be transferred to continent-size countries such as India or Brazil. Conversely, Singapore's success is not unique: a few other economies, such as South Korea, have achieved results that are no less remarkable.
Learning from other countries
Nonetheless, Singapore's remarkable economic ascent has inspired many to learn from it. They all want the details: how has Singapore managed to become so wealthy? Has overcome corruption? Enables more than 90 per cent of families to live in a home they own, and offer first-rate public education? What are the mechanics that fuelled this spectacular growth?
China is an avid learner. Its momentous decision in 1978 to reverse five centuries of economic isolation was influenced in part by Singapore. China's leader, Deng Xiaoping, visited Singapore that year. He was impressed by how the city-state had benefited from international trade and foreign investment and managed to maintain social order. His dream to "plant a thousand Singapore's in China" has since sparked hundreds of study tours by Chinese officials to the island.
Interestingly, this learning process is a two-way street. Singapore itself systematically studies best practices around the world. It learned from Boston's Logan airport how to minimise overhead noise in a crowded city by channelling the aeroplane corridor over the sea. Or from Israel how a two-year mandatory military service for all males could contribute to nation-building.
What general principles might Singapore's experience hold for Jamaica, other Caribbean countries, and yes, for advanced nations as well? And how can these principles be adapted to our own country's very specific geographic and social circumstances?
A century ago President and ex-professor Woodrow Wilson urged his American compatriots to learn from other countries' successful policies. But he saw no need to imitate them uncritically. From Asia, he said, we added rice to our diet, but we chose not to eat with chopsticks.
Caribbean star athletes
Meanwhile, half-a-world away Caribbean countries have dazzled in an altogether different stadium as their iconic track athletes shattered global records: Usain Bolt at 9:58, but many others wrote history too. What made them succeed? Can the forces, strategies and mindsets that produced such homegrown success in athletes be transposed and spur economic development in Caribbean countries?
To answer this question, I invite you to visit with me, Singapore. Together we will distil the salient features of that country's singular success into five main building blocks. And along with us will travel our star Caribbean athlete who will be silently amazed at how Singapore's story parallels his or her own life achievement. And in the seat behind will be Jamaica, pondering why the development trajectories of both countries since 1972 have diverged so sharply. Both countries had broadly similar per capita income levels in the 1960s. Thereafter Singapore steadily pulled forward as Jamaica's economy periodically suffered severe setbacks.
The five building blocks of champions I suggest are:
One: Potential success from initial conditions.
Two: The will to focus on an ambitious goal and run the distance.
Three: Discipline.
Four: Opportunities open to all candidates.
Five: Incentives for victory.
Continues Tomorrow
Read more: http://www.jamaicaobserver.com/colum...#ixzz1QOZ7ACkE
Sunday, June 26, 2011
The keynote address by Henri Ghesquiere, visiting professor at the Lee Kuan Yew School of Public Policy, Singapore to the Institute of Chartered Accountants of the Caribbean (ICAC) 29th Conference at the Jamaica Pegasus Hotel in New Kingston on June 24. The conference was held under the theme 'Third to First - Going the Distance'.
Singapore's development and Caribbean athletes
Sunday, June 26, 2011
GHESQUIERE… says he considers Vision 2030 eminently wellconceived, eloquently articulated, and well-prioritised and Jamaica’s plan of reaching first-world prosperity within two decades is an admirably ambitious and worthwhile goal
WHEN the organisers invited me to this conference I responded enthusiastically. Visiting Jamaica for the first time was intriguing: At the IMF I had valued working with Jamaican colleagues and had sympathised with the country's development struggle, albeit from a distance. Addressing ICAC professionals is an honour; and I share the accountant's mindset of delving into financial spreadsheets -- although in my case at the overall country-level.
But mostly, the ingenious subtheme of this conference proved irresistible: what are the common roots of impressive success of champions in development such as Singapore and in sports such as Caribbean track stars? Solving this puzzle raised my adrenaline as an economist but also a former marathon runner.
Singapore's success
Singapore is admired for its spectacular economic success. You touch down at the island's ultra-modern airport -- routinely voted the world's most efficient.
Soon you navigate through lanes of gleaming new cars in a tropical garden setting. A glimpse of the sea reveals hundreds of ships in front of the world's busiest container port. And the records keep coming: the world's fastest growing economy between 1960 and 2000, registering an average annual rate of growth of almost eight per cent. This vibrant, ultra-clean, cosmopolitan city now has five million people. With state-of-the-art interconnectivity, its high-rise glitz is home to over 10,000 multinational corporations.
And Singapore showcases its medals: Over the past four decades, virtually full employment, except in some recession years; a rate of inflation typically under two per cent. Wages after inflation rose fairly steadily reflecting increased productivity. Life expectancy and the quality of health care are among the highest in the world. Streets are safe to walk -- night and day -- for women and men. There is political stability and social harmony.
And then the ultimate trophies: a brand name that exudes reliability, excellence and integrity. Singapore and its leaders command respect around the world. The purchasing power of its GDP per person (at around US$50,000) now exceeds that of the United States. Once among the impoverished, powerless and ignored ex-colonies labelled the Third World, Singapore beyond a doubt has become a first-rank prosperous nation.
Some reservations
But I must temper my exuberance. Singapore is not without problems. It is not paradise on earth: success comes at a price. High performance is expected and Singaporeans lead intense lives. Career demands may conflict with having children. Income disparity has widened: a taxi driver may silently envy his well-heeled passenger for earning in minutes what he makes in a 10-hour shift.
And Singapore has its detractors. The People's Action Party (PAP) has ruled uninterruptedly since 1959. Voters have returned it to power in 15 consecutive elections that the US State Department has characterised as free and fair. But some democratic liberties are more restricted than in the West. In 2006 renowned financier George Soros opined that Singapore was not an "open society" because the use of libel suits against opposition politicians curbs the freedom of expression.
Others downplay Singapore's achievements. Some point to the city-state's small territory of less than 20 by 40 kilometers. They doubt whether Singapore's recipe for success can be transferred to continent-size countries such as India or Brazil. Conversely, Singapore's success is not unique: a few other economies, such as South Korea, have achieved results that are no less remarkable.
Learning from other countries
Nonetheless, Singapore's remarkable economic ascent has inspired many to learn from it. They all want the details: how has Singapore managed to become so wealthy? Has overcome corruption? Enables more than 90 per cent of families to live in a home they own, and offer first-rate public education? What are the mechanics that fuelled this spectacular growth?
China is an avid learner. Its momentous decision in 1978 to reverse five centuries of economic isolation was influenced in part by Singapore. China's leader, Deng Xiaoping, visited Singapore that year. He was impressed by how the city-state had benefited from international trade and foreign investment and managed to maintain social order. His dream to "plant a thousand Singapore's in China" has since sparked hundreds of study tours by Chinese officials to the island.
Interestingly, this learning process is a two-way street. Singapore itself systematically studies best practices around the world. It learned from Boston's Logan airport how to minimise overhead noise in a crowded city by channelling the aeroplane corridor over the sea. Or from Israel how a two-year mandatory military service for all males could contribute to nation-building.
What general principles might Singapore's experience hold for Jamaica, other Caribbean countries, and yes, for advanced nations as well? And how can these principles be adapted to our own country's very specific geographic and social circumstances?
A century ago President and ex-professor Woodrow Wilson urged his American compatriots to learn from other countries' successful policies. But he saw no need to imitate them uncritically. From Asia, he said, we added rice to our diet, but we chose not to eat with chopsticks.
Caribbean star athletes
Meanwhile, half-a-world away Caribbean countries have dazzled in an altogether different stadium as their iconic track athletes shattered global records: Usain Bolt at 9:58, but many others wrote history too. What made them succeed? Can the forces, strategies and mindsets that produced such homegrown success in athletes be transposed and spur economic development in Caribbean countries?
To answer this question, I invite you to visit with me, Singapore. Together we will distil the salient features of that country's singular success into five main building blocks. And along with us will travel our star Caribbean athlete who will be silently amazed at how Singapore's story parallels his or her own life achievement. And in the seat behind will be Jamaica, pondering why the development trajectories of both countries since 1972 have diverged so sharply. Both countries had broadly similar per capita income levels in the 1960s. Thereafter Singapore steadily pulled forward as Jamaica's economy periodically suffered severe setbacks.
The five building blocks of champions I suggest are:
One: Potential success from initial conditions.
Two: The will to focus on an ambitious goal and run the distance.
Three: Discipline.
Four: Opportunities open to all candidates.
Five: Incentives for victory.
Continues Tomorrow
Read more: http://www.jamaicaobserver.com/colum...#ixzz1QOZ7ACkE
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