rhino wrote on Mar 23
rd, 2015 at 11:50pm:
The government controls 60 percent of the economy, plus public housing, socialised medicine , socialised education, etc etc.
Quote:Singapore[edit]
Main article: Economy of Singapore
Singapore pursued a state-led model of economic development under the People's Action Party, which initially adopted a Leninist approach to politics and a broad socialist model of economic development.[108] The PAP was initially a member of the Socialist International. Singapore's economy is dominated by state-owned enterprises and government-linked companies through Temasek Holdings, which generate 60% of Singapore's GDP.[109] Temasek Holdings operates like any other company in a market economy. Managers of the holding are rewarded according to profits with the explicit intention to cultivate an ownership mind-set.[110]
The state also provides substantial public housing, free education, health and recreational services, as well as comprehensive public transportation.[111] Today Singapore is often characterized as having a state capitalist economy that combines economic planning with the free-market.[112] While government-linked companies generate a majority of Singapore's GDP, moderate state planning in the economy has been reduced in recent decades.
http://en.wikipedia.org/wiki/Socialist_economics
Okay so from that link, its actually
state Capitalism, it also adds that moderate state planning in the economy has been reduced in recent decades,
Today Singapore is usually touted as the model student of free-market capitalism, given its free-trade policy and welcoming attitude towards multinational companies. Yet in other ways it is still very socialist. All land is owned by the government, 85% of housing is supplied by the government-owned housing corporation, however only 22% of national output is produced by state-owned enterprises.
Look at normal socialist state, they don't live much longer than 40 years with the USSR holding the record at 80 years, adding 60% capitalism and 40% socialist which equals state capitalism and you seems to be a strong balance, which is what Singapore something socialist economics wiki page says Singapore is.
Its STATE CAPITALISM.