(1) Steve Forbes, This Giant Will Be Missed.
Quote:
"the top [tax] rate in personal income is all of 20%. He knew the folly of weak money; the Singapore dollar looks like the Rock of Gibraltar compared with most currencies--including the US dollar, most of teh time.
"When Lee became prime minister in 1959, Singapore's per capita income was little more than $400. Today it is over $56,000, higher than that of all but a handful of other countries.
Note:
(a) This article is about Forbes' good friend about Lee Kuan Yew.
(b) There is no need to read the rest.
(c) "Lee became prime minister in 1959"
(i) UK repossessed Singapore in 1945, granted it on June 3, 1959 "full internal self-government for all matters except defence and foreign affairs." en.wikipedia.org
(ii) Before that, Singapore held national elections on May 30, 1959 and the PAP won 43 of the 51 seats in the legislative assembly. Lee became prime minister on June 3, 1959.
(iii) Malayan Prime Minister Tunku Abdul Rahman proposed the formation of a federation which would include Malaya, Singapore, Sabah and Sarawak in 1961. A referendum was passed on Sept 1, 1962 and the federation was formed ion Sept 16, 1963.
(iv) A race riot between Chinese and Malays started on July 21, 1964 and was off and on until September, that year; 23 people were killed. "It is still disputed how the riots started." en.wikipedi.org
(v) "Unable to resolve the crisis, Rahman decided to expel Singapore from Malaysia, which occurred on Aug 9, 1965.
(d) "in 1959, Singapore's per capita income was little more than $400"
list of countries by past and projected GDP (nominal) per capita
en.wikipedia.org/wiki/List_of_countries_by_past_and_projected_GDP_%28nominal%29_per_capita
(section 1 World Bank, 1960–69: CURRENT US$: China 92, Hong Kong 429, Japan 479, S Korea 155, Singapore 395, US 2,881)
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