Lee Kuan Yew, the first prime minister of Singapore, died last week at age 91. Almost every obituary has remarked on the radical transition his leadership heralded. As John Fund wrote at National Review:
By embracing free trade, capital formation, vigorous meritocratic education, low taxes, and a reliable judicial system, Lee raised the per capita income of his country from $500 a year to some $52,000 a year today. Thats 50 percent higher than that of Britain, the colonial power that ruled Singapore for 150 years. Its average annual growth rate has averaged 7 percent since the 1970s.
Part of the reason for Singapores remarkable climb up the international income ladder is bread and butter capitalism. The Fraser Institutes Freedom of the World report lists Singapore as the second freest economy in the world right behind Hong Kong. As Frasier scholars have demonstrated year after year, economic growth and free markets go hand and hand.