Just pointing out what many may have already known for years.
In the early 1990s, GCT had just taken over the reins from LKY. That was also the time when PAP suffered a setback at the polls with 4 opposition party members voted in. In order to assure the people that PAP could still deliver the goods, they had to ramp up economic growth as that is probably the only thing many SGreans wanted and understood at that time. In order to do this, the easiest way was to import cheap foreigners so that businesses can expand as quickly as possible. The economy boomed as foreign investments poured in. There was still a lack of good quality competition for SG then. The decade also saw property prices climbing to dizzying heights and the government had to introduce speculation curbs in 1997.
By the early 2000s, there were the beginnings of grumblings on the ground about the intense competition for jobs. However, LKY was anxious for LHL to take over the mantle from GCT and the economy was in the doldrums. LKY was anxious because he wanted to ensure he would be around for long enough to help LHL consolidate his position. For LHL to do that, SG has to enter a "golden period". If they start cutting back on foreigners then, the economic stagnation would be prolonged for a long time. So began another period of mass foreigner influx. By this time, they have also realised that there is no way to turn back the foreign tide without the economy suffering.
PAP has been spinning that they are the ones who can create economic miracles but the economic growth was primarily fueled by lowering labour costs which created disincentives for capital investment. This resulted in decreasing productivity levels. They went for the quick fix solution and caring for SGreans could not be further from their minds. The benefits of the economic growth also did not filter down adequately for everyone to have a better standard of living. In fact, many saw a decline due to higher prices and stagnant wages.
The irony is that all the policies were meant to ensure PAP or LHL remained in power rather than serving the wider interests of the country. But many SGreans somehow believed their promise that higher economic growth at any costs will benefit them. Perhaps they are being constantly reminded of the good old times and wanted to clutch at a vision (however far-fetched it may be) of achieving them again.
There is a good reason why an enlightened electorate will choose to ensure that political parties do not become entrenched in power. For if this were to come to pass, the party will simply be serving its own interests rather than making some effort in serving the country's interests. Of course, some of those interests may overlap but it will just be a matter of convenience. History is littered with examples of self-serving political parties that held on to power for prolonged periods. Japan is a good recent example.
In the early 1990s, GCT had just taken over the reins from LKY. That was also the time when PAP suffered a setback at the polls with 4 opposition party members voted in. In order to assure the people that PAP could still deliver the goods, they had to ramp up economic growth as that is probably the only thing many SGreans wanted and understood at that time. In order to do this, the easiest way was to import cheap foreigners so that businesses can expand as quickly as possible. The economy boomed as foreign investments poured in. There was still a lack of good quality competition for SG then. The decade also saw property prices climbing to dizzying heights and the government had to introduce speculation curbs in 1997.
By the early 2000s, there were the beginnings of grumblings on the ground about the intense competition for jobs. However, LKY was anxious for LHL to take over the mantle from GCT and the economy was in the doldrums. LKY was anxious because he wanted to ensure he would be around for long enough to help LHL consolidate his position. For LHL to do that, SG has to enter a "golden period". If they start cutting back on foreigners then, the economic stagnation would be prolonged for a long time. So began another period of mass foreigner influx. By this time, they have also realised that there is no way to turn back the foreign tide without the economy suffering.
PAP has been spinning that they are the ones who can create economic miracles but the economic growth was primarily fueled by lowering labour costs which created disincentives for capital investment. This resulted in decreasing productivity levels. They went for the quick fix solution and caring for SGreans could not be further from their minds. The benefits of the economic growth also did not filter down adequately for everyone to have a better standard of living. In fact, many saw a decline due to higher prices and stagnant wages.
The irony is that all the policies were meant to ensure PAP or LHL remained in power rather than serving the wider interests of the country. But many SGreans somehow believed their promise that higher economic growth at any costs will benefit them. Perhaps they are being constantly reminded of the good old times and wanted to clutch at a vision (however far-fetched it may be) of achieving them again.
There is a good reason why an enlightened electorate will choose to ensure that political parties do not become entrenched in power. For if this were to come to pass, the party will simply be serving its own interests rather than making some effort in serving the country's interests. Of course, some of those interests may overlap but it will just be a matter of convenience. History is littered with examples of self-serving political parties that held on to power for prolonged periods. Japan is a good recent example.
