Capitalist Development Without 'Westernisation'? The Political Economy of Inequality in Singapore

Abstract

This study sets out to expose the deficiencies of the orthodox analysis of capitalist development. In particular, it takes issue with the World Bank's 'East Asian Miracle' report (World Bank 1993), which claims that capitalist development in East Asia has produced relatively equal outcomes. The focus for this study is Singapore, arguably the most successful of the East Asian newly-industrialised countries. Evidence is submitted which shows that rapid economic growth has not caused Singapore society to become more equal as claimed by the World Bank. Moreover, unlike other capitalist nations at a similar stage in their development, the authorities are quite resolute in their rejection of so-called Western liberal solutions to the problem. Instead, the strategy has been to appeal to citizens' 'Asian values' in a bid to head off what are considered the morally and financially bankrupt practices of the welfare state. This thesis rejects the idea that there is a cultural solution to inequality, and argues that the Asian values theme is part of an ideological formulation devised by the Singapore Government in an attempt to legitimate its authoritarian rule.