Economic development and the distribution of land rents in Singapore: A Georgist implementation

• Main Author: Phang, Sock-Yong
• Format: text
• Language: English
• Published: Institutional Knowledge at Singapore Management University 1996
• Subjects: Studies; Property values; Multinational corporations; Employment; Economic theory; Economic rent; Economic development; Economics
• Online Access: https://ink.library.smu.edu.sg/soe_research/7; https://ink.library.smu.edu.sg/context/soe_research/article/1006/viewcontent/3487624__1_.pdf
• Institution: Singapore Management University

Independent Singapore, which has a tradition of free trade, has implemented large doses of Henry George's prescriptions. It has successfully captured land rents for redistribution through its land acquisition, public housing and other programs. These policies have been instrumental in the successful economic development of the island city state. Industrial estates on state-owned land were leased to foreign multinationals for export-oriented manufacturing which created the bulk of jobs in the sector. Commercial developments are built by the program. Affordable 99-year leasehold housing, built by the state, provided added economic incentives for employment, and helped keep inflation and wages down. Private motor vehicle ownership and usage are heavily taxed. While land-related policies have improved international competitiveness and wealth distribution generally, particular aspects have generated wipeouts and windfalls in an almost lottery like manner. George would have approved of the former but not the latter.