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Institutional diversity and state-led development: Singapore as a unique variety of capitalism

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  • Cheang, Bryan
  • Lim, Hanniel

Abstract

This paper provides a critique of economic freedom indices through a case study of Singapore's unique political economy. We argue that these metrics reflect an ahistorical approach to development, obscuring real-world institutional diversity. By instantiating a single ideal of laissez-faire and proceeding to measure the magnitude of economic freedom in nations, these indices implicitly treat capitalist varieties as mere defects of laissez-faire rather than as distinct alternatives.

Suggested Citation

  • Cheang, Bryan & Lim, Hanniel, 2023. "Institutional diversity and state-led development: Singapore as a unique variety of capitalism," Structural Change and Economic Dynamics, Elsevier, vol. 67(C), pages 182-192.
    • Handle: RePEc:eee:streco:v:67:y:2023:i:c:p:182-192
    DOI: 10.1016/j.strueco.2023.07.007
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