Is China’s economic policy a model to emulate? Thomas Friedman might say yes, but Lee Kwan Yew, “the man who shaped Singapore during 31 years in power,” says no during an interview with Charlie Rose in Bloomberg Businessweek:
China’s had a phenomenal run in terms of growth. Do you think state capitalism could become the model for the future? State capitalism is not as effective as private capitalism. Would you stay up until 2 or 3 in the morning if it’s not your company at stake?
No. So you wake up tomorrow morning knowing your salary is intact. [In a private company,] it’s about capital and your share in it. There are real stakes involved. And the other stakeholders also make sure you’re on the ball. You’ve got to stay focused. So I believe very strongly that private capitalism easily outdoes state capitalism.
