In his farewell speech after resigning from the Singapore Armed - TopicsExpress

In his farewell speech after resigning from the Singapore Armed Forces in order to run for Parliament in 1988, Mr George Yeo compared the rise of Venice and Singapore. Two years to our nation’s 50th birthday, we could probably learn more from Venice’s decline. ... From 1315, the Venetian elite “pulled up the ladder” by instituting a political shift which led to Venice’s transformation into what the authors call an “extractive state”, where ruling elites extract as much wealth as they can from the rest of society. Such states, they argue, are more inclined to fail than “inclusive states”, which give everyone access to economic opportunity. Singapore must guard against such fissures and remain “inclusive”. We have done well to promote meritocracy in our society. However, as income inequality widens, society must play a bigger role alongside Government to prevent fissures from destroying our societal fabric.

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