“Let every soul be subject unto the higher powers. For there is no power but of God: the powers that be are ordained by God.” – Romans 13:1
Singapore’s Success
Singapore has long been admired for its extraordinary development story. Since 1959, it has transformed itself from a resource-scarce small state to one of the world’s most advanced economies, establishing a reputation as a trusted hub for global trade.
This remarkable success stems from a combination of factors, including benevolent leadership, institutional reliability, global connectivity, openness to new ideas, disciplined adherence to policy lynchpins, and a thriving culture of enterprise.
At the heart of this approach is a commitment to developing people as the nation’s greatest asset. Singapore’s guiding principle is clear: “Our people are our greatest asset and we must develop them to the fullest.”
Singapore’s Policy Lynchpins
The fourth pillar in Singapore’s governance model — disciplined adherence to Policy lynchpins — has been instrumental in its progress. This system emphasizes effective enforcement, which builds investor confidence and stimulates growth, sustainability and resilience.
Singapore has one of the lowest crime rates in the world. Severe penalties for offenses such as drug trafficking (including the death penalty) have established the country as one of the world’s safest. More importantly, its governance ensures a trusted environment where businesses can thrive, investors can plan with confidence, and citizens can expect accountability from their leaders.
Challenges in the Caribbean
In contrast, the Caribbean has struggled with creating such consistent and dependable policy environments. Shifting regulations, opaque procurement practices, and weak enforcement mechanisms have often deterred investment and slowed progress.
All too often, policies in the region are shaped by political cycles rather than grounded in data, consensus or long-term vision. Investors — whether local or foreign — are left second-guessing whether their business licenses, contracts or tax incentives will remain valid after the next election or cabinet reshuffle.
The Path Forward for the Caribbean
Since publishing my letter to the editor entitled “Barbados, the Singapore of the Caribbean” in July 1993, I have advocated for adopting the best elements of the Singapore model within the Caribbean context.
It is time for us to formally establish Barbados as a strategic hub for global tourism and trade. This vision should encompass connections with North, Central, and South America, Great Britain, Europe and Africa. By appropriately integrating the governance principles of the Singapore model, Barbados and the Caribbean can rise to this challenge.
A Personal Note
This column also marks the beginning of my 33rd consecutive year of publishing. I want to take this opportunity to thank you, my readers, for your continued interest and valuable feedback. Your support fuels my psychological drive to stay the course over the years.
Finally, Happy Independence Day to all my friends, relatives, colleagues and readers in the United States of America.
(Dr. Basil Springer GCM is a corporate governance adviser. His email address is basilgf@marketplaceexcellence.com. His columns may be found at https://www.nothingbeatsbusiness.com.)