|Kuan Yew is looking after you|
In the recent video clips below, Kuan Yew explained why Singapore as few entrepreneurs.
The absence of comprehensive caring government that has created a need to be enterprising and innovative. We have looked after everybody's need and people are comfortable and being entrepreneur means they take a risk and requires effort. So not many has taken the risk and effort.
Lee's take on Hong Kong's entrepreneurship
|Good life under the caring PAP|
Hong Kong is more a feudalistic society
We shall first look at HK before coming back to Singapore. Economist cheer the HK system conveniently ignoring its dark side. In fact, HK represents everything the capitalist can dream about in enslaving people.
HK is not a free market but rather a cartelized system. The executive power creates ultra-high barrier for market entry while favoring the incumbent players by imposing only minimum regulations. The poor are forced to pay a life time mortgages to the banks, enriching only the landlords.
The myths of HK entrepreneurship
There are certainly more tycoons in HK but one will soon realize that few are self-made. Although the richest in HK are benefactor of dynastic wealth, they forever spin a myth of rag to riches. Take for example Li Ka Shing who self-proclaims to drop out and started work at 15 years old laboring 16 hours a day before he strikes riches.
In reality, Li worked for his rich uncles(owners of Chung Nam Watches), one of whom eventually gave Li his daughter, and the necessary financial backings.
The only person who made it from a humble origin is probably Henry Fok by starting his career in organized crime.
Nevertheless HK has more entrepreneurs than Singapore because...
In HK, government has little involvement in private sector. If the running ports or power utilities of Singapore was awarded to local entrepreneurs, then we will have our own Hatchison Whampoa, China Light and Power....etc, and we will have the tycoons who owns them such as Li Ka Shing, the Kadoories.
In comparison, we have all the GLCs, that prevent the emergence of indigenous entrepreneurs. Even our two gambling dens licenses were awarded to foreigners, that shows that the sworn aim of PAP is to undermine Singaporean capitalist except the cronies. Will explain further in Part 2.