Political Stability and Economic Development of the State: Example of Singapore

Abstract

The article examines the impact of political stability on the economic development in Singapore. An attempt has been made to find an answer to the question of which regime determines economic growth: authoritarian or democratic. The study used descriptive, systematic and comparative methods, which allowed to analyze the impact of political stability on economic development of Singapore. The Singapore case should be viewed more as an exception to the rule than as an example of explaining the economic efficiency of authoritarian regimes. The study concludes that Singapore’s sustainable development cannot be explained by the influence of only one independent variable – political stability. Many other factors should be taken into account: cultural, historical, geographical, human. The economic success of this state was largely due to a consistent policy focused on achieving long-term results – economic growth and effective and rational planning, which became possible thanks to the political stability of the state.