Sunday, September 25, 2011

Singapore has little entrepreneurs 1

Kuan Yew is looking after you
Kuan Yew claimed that Singapore has too little entrepreneurs because government is "looking after" people
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
Because they came from coastal provinces of China. The entrepreneurs were running away from the communist. So they started off with a group of people that were naturally gung ho, who refused to find themselves strap with the communist, and started new businesses or carried on with businesses, under new condition. They have a group of people, whose descendants carried on the culture, which attracted more people into entrepreneurship. We did not have that selective group of people, who are naturally entrepreneurs...

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.


Anonymous said...

Before it was closed down in 2004, it was widely known that Singapore Technology Group had over 3000 subsidiaries, all happily spawned by you know whose daughter in law. It even had one JV selling chicken/duck rice! Many of the "little monster subs" are still around, killing local entrepreneurship. Btw whatever happened to that Tony Tan favourite $2b entrepreneurship fund? Again no accountability - how many jobs were created? Were the objectives met? Someone ought to get MoF to give a report right? Folks must learn not go to sleep after GE - must learn from HK here.

Anonymous said...

//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.//

In other words, any success is due to their credits. Any failure is due to our fault, once again. Thx but no thnx, after being an autocratic dictator for too long, he's forgotten what 'accountability' is anymore. Enough said, his time has passed. Joe black is free to pick him up soonest possible. When you see pictures of back-bending old folks working into their twilight, you have even more confidence in their GE slogan "Securing our Future" and Tony's slogan" Confidence in our Future". Just a bunch of diarrhea