![]() ![]() (Jamaica, in addition, had plentiful natural resources and a robust tourist industry.) However, four decades later, their standing was dramatically different: Singapore had climbed to a per capita GDP of $31,400 (2006 data, in current dollars), while Jamaica’s figure was only $4,800. Both nations had a centrally located port, a tradition of British colonial rule, and governments with a strong capitalist orientation. Upon Singapore’s independence in 1965-3 years after Jamaica’s own establishment as a nation-the two nations were about equal in wealth: the gross domestic product (in 2006 US dollars) was $2,850 per person in Jamaica, slightly higher than Singapore’s $2,650. Footnote 1 Both are relatively tiny states, with under 5,000,000 residents apiece. To understand their importance, we can contrast Jamaica and Singapore. Programs to boost new ventures might seem like an esoteric corner of public policy, far less important than the big issues of war and peace and health benefits, not to mention the rescue of giant firms that are on the ropes, but this perception can be misleading because of the magnitude of changes that can occur when venture programs are done well. ![]() When has governmental sponsorship succeeded in boosting growth, and when has it fallen terribly short? Should government be involved in such undertakings at all? These issues are particularly timely, given the many billions of dollars that governments are spending worldwide to prop up troubled industries such as automobiles, as well as the urgent public efforts to encourage “green shoots” in areas such as clean-tech in the hope of stimulating economic recovery. However, for every successful public intervention spurring entrepreneurial activity, there are many failed efforts, wasting untold billions in taxpayer dollars. Silicon Valley, Singapore, Tel Aviv-the global hubs of entrepreneurial activity all bear the marks of government investment.
0 Comments
Leave a Reply. |
AuthorWrite something about yourself. No need to be fancy, just an overview. ArchivesCategories |