The Singapore economic model - VPRO documentary - 2009
Singapore. At start status at All Stars you may, act as if in theater here tied up got in from the top economy, in the world, but. What Singapore, total whole model for fell on the in the ratio but. Is at Singapore, model, environment. So successful, data. Lift Priya Brooke natontour dub days of. No. Society. In. Human, history. Has. Improved. The standard, of living of his people. Faster. And more, comprehensively. Than. Singapore's. Vacation. Come come. Singapore. 40 years ago was. A swamp, for the half a million people, Singapore. Now 40. Years later is, country. With the largest foreign currency reserves per capita, of any country in, the world. Excretion. India. It's. Very practical and. Concerned. With things that you can see and you can count. Got. The best education in the world the, best health. Care in the world it's. Astonishing to, come to Singapore and see, that everything works. Singapore. Is a glimpse, into the future of, Asia. Beresch, term a met case from Laden out top, monophonic so noble coma scientist behind Nichkhun Phillips, and my cancer zakah bank JP Morgan, Chase, David's. Be steward are better placed he shows a Business School in CL the wealth of a Singapore. Abuse. Trap hey welcome, to Singapore she tells understands first. See. Hotel is Singapore. Yeah. Nightclub. You, know to the don't, we're. Here Arabic you see dr. Blake is, that either in are busting this but, I kept talking to try because neither the code but it's see in the, trapping I'm sayin, and also, to either thing a frontier the skyline. Not. So old Mendoza yeah the tuba can't work that the bearish divide. Florida's. Use it on the, bats payer is it an out of throat yawns derelict. Need mere need, measles infection ear and he ever have a fell flooring our baby of course which, is a bit more, so. Now. But, this is done. Faster. Yeah Tulare move off sir. Never, talk my betcha velvet off we couldn't fill Katie Campbell with love by, the. Addictive super hot super stairs ever. Answers. In black in RC, bo Halen. The. Conceit. Is from the fire homework in, Ultima. Form have been laid and notice the two of immensity, in the fam artifact is so here like not the same and trade is it. Is open whispered, for this in Asya, yard. And and yalla. Political. Stuff those critic, of a political, system but, indefinitely. After seen that, is the Sega yep and music, hacked and the data is when. He flung a cocoon, of outlet and Hawaiian, tinsel, energy can't the. The. Palate. At developments. And in the rest of the noise to say no to start over Mir cave night.
When. Singapore, was born in 1965. He. Was expelled, from Malaysia. Everybody. Said. Including. The leaders of Singapore, that. Singapore, was going to become a failed state, because. Singapore was a city, like. A heart of a body, detached. From, his hinterland, now. When you take the heart on, the body the. Heart dies. So. Everyone, thought that Singapore, would die and. It has become an absolute. Shock. To. Singaporeans. That we've ended up having the. Most, successful. State, in human, history, how. Did we do that it. Was because we had extra, on world leaders. This. Is not a game of cards, this, is your life and mine. As. Long as I'm in charge in properties, when I talk about looking. At the that bad Lee Kuan Yew the, autocrat, is a ladder from Singapore, the, Atlanta theatre he attacked Mustafa, hunt an economical blue light, machine. Gun he owns our left but the time is after the senior poor model. Why. Are the Dutch interested, now we want to reorient, it ourselves and, look at different parts in the world and. See how they organized, it. Okay. If that's okay with you. Most. Of them do. How. Would you, describe, the Singapore model to a Dutch audience, I, cannot. Describe it I can, only tell you how it evolved. And how. You would describe it it's, up to you but this is the way I saw, it. Well. It became independent in, 1965. In, August. We. Were small I live. Suddenly. Without a, hinterland. How. Do we make a living when. Both pollution Indonesia. Did. Not want to trade, through. Us and we, decided our, best chance. Was, to make ourselves different, from our neighbors. We. Must be different because we are different and it, must be different in a better way what. They can't do we must do, and. Gradually. We. Came to the conclusion, that, we. Should create a first, world voices. In. A third world region. When. You came to power and you had to lay out your plan. For. The new Singapore. What, were your priorities. The first thing is the. Economy without that you have no no, jobs no revenue, no nothing. So. We started, manufacturing. And. We. Invited, or attracted. Multinationals. To. Invest. In Singapore, build. Our factories here made goods and exported, it abroad. Then. We had jobs, then. We had revenue, and. With that revenue. We. Were able to build. Homes, their. Schools. Educate. Them build. Hospitals. And so. We progressed, but. Without an economy, nothing. Works. In. The late 60s and 1970s when. Singapore, still struggling. All. The, developing. Countries, said, foreign. Investment. Is bad. Foreign. Investment, is, capitalist. From America, and Europe coming, and exploiting. You, by. Exploiting your cheap labor taking. The profits and running away and if, you allow foreign investment, in its a like allowing yourself, to be raped by. Foreign, invaders. Singapore. Said no. Foreign. Investors. Create, jobs. Foreign. Investors. Bring. In capital. Foreign. Investors. Bring in markets, for. Their products. Foreign. Marc foreign. Investors. Train and develop our labor force, so. Singapore, did the exact opposite, of all. The developing, countries now, for a small country like Singapore, to. Go against, the conventional wisdom of all of Latin America all, of Africa, all of Asia Singapore said oh no will, be different so, Singapore's, capacity.
To. Ignore, the conventional. Wisdom of, the day and, choose. Its own pragmatic. Solutions, was quite unique. Be. The oakdale army in Singapore, contemnor. Jim. Rogers the, Indiana, Jones from the infrared. Of. The Heraclitus the, kadhi bubble and the, day evaluative on the dollar Tunis, Montano he loved. New, city, halls and guide to Abaza. Hey. Good morning Jim morning. How are you doing I'm fine how, is life in Singapore, very good very. Happy remove the Singapore, last. Time when we met you you were still in, New York that's. True that's true well since. Then we sold sold, out in New York sold. Our house and move. To Singapore they're very pleased and, why Singapore, well, Singapore, speaks English and Chinese, some. People speak bad Englishman had Chinese with us too everywhere. Singapore's. Got great education. Great health, care everything, works in Singapore, it's. Been an extremely, successful country. So just. Seem to be ideal so. You're now responsible for two of the girls growing, up and Singapore, two little girls in one big girl yes do you think that is important, for your little daughters to learn the level tonight, oh yes that's one of the main reasons we're here, China. Is going to be the most, important, country in the 21st century and, so I think the best skill that, I can give to children, born, in 2003. And 2008. Is, to be perfectly, fluent, in Mandarin and in, Asia because, Asia. Is the future. Okay. A. Better. Veterinary, handling. From the mystery, phone in Seattle's, and business. School and he's. Performing a funk I can hear since he access safety, in. Oakland. Campus in as you battle unsuccessful. And. Taught. In university. To have any needle, and photo for hiring mark from, an outside. Like. To say a big thank you to case. Family, case. His. Nose what, friendship, is and what, loyalty is. And. He's shown that not. Only to people but he's shown that to. The school so. We've got I think a little present, for you. Case and, a, little present, also. For your wife who is, suffer. Through those, weekends, that, you have spent on itself witness suffered through those evenings, when. You have to be away from. When. We took the decision to. Go to, Singapore. Or, to go to Asia and eventually you settled on Singapore, the. Idea, at the back of our mind was that we had to cater for this big demand seeking. Management. Education on the basis of. Principles. And ideas, that emanated, from the West and today. It is a great satisfaction for, me every time I come here I see, that a flow of ideas is in the reverse direction. We. In Europe pick up the ideas that emanate. Now today, from Asia. The. Men see here the, boosts our on, the backs of an, invis tearing, d'Alene, mukluks. Tray, of do you feel I, instruction or motor hums Edina on. Yourself. A photo planning, to say mmm wait here that the, the. Food hung in a Dave and Optima topic a lot our kitties, of hungry kids from all over Singapore. Has a success, to dunk an inset, of Oliver's. I've. Always wanted to to. Do my MBA and. In. My life I've been born, and raised in Singapore, I think. When my grandparents. First. Came to Singapore it. Was to, first of all make a living. And really think about where. Do we go to get our next meal right. So it was really about self, sustenance. But my. Grandparents. Had emigrated from China to to Singapore, my. Parents, didn't go to college either. So. So. It's definitely I'm definitely the first one to go to two MBA the. First one in my family to go to to call it cheap and so. When you were talking to, your parents about this. What. Was their dream, for you. Well. It, was actually my dream what. Was your dream my, dream is. Is. To be, is. To be an international, business leader like, I want to have. As many international, experiences. As I, can while I'm young and. I want to grow to be, a well-rounded. Businessperson. And so. It was my dream to begin with and, when I shared that with them then, it became their dream, because. They could see the logic in it and. You could see how I made sense. There. Are three billion people in Asia all, of them want to eat and live a better life and they're going to live a better life the, last time we had a bull market in in, commodities, in the 1970s. You all may remember mousy. Tongue was still running, China, Indira. Gandhi, and Nehru we're still ruining, India East. And West Pakistan had, just had a horrible split, Vietnam. Had been destroyed by a war that's only 30 years ago well, the world's changed dramatically, now you're a part of the change in in, the world one.
Of The reasons we moved to Singapore and moved, to Asia is because this Asia is the wave of the future America's, the past Europe, is the past the, 21st, century belongs to Asia and, that's why we're here China. Japan, South. Korea, Taiwan. Singapore. That's. Where all the money is now and you can see that to all the creditor, nations, in the world are now in Asia that. Was not the case 40 years ago since. We are in a credit crisis. Well, even if we weren't in a credit crisis the, place where the money of the savings, are is that's where the future, is because. That's where people can invest it, now it's even worse because we. Do have a gigantic, credit, problem around, the world and liquidity. And capital, problems, around the world so. It's usually, the people with the capital, of going, to be much better place than the ones with the debts you know, the studio, saury in the netherlands of the, grasshopper. And the and the ant in. Asia right now is the ant. America's. The grasshopper. Now. By 2050. The. Four largest economies, in the world will be number one China number. Two India, number, three analysis, America number four Japan in that order in that order, and, so power is, shifting, to. Asia. It's. Inevitable, from. The year 1 to the year 1820. The, two largest economies in, the world were consistently, China, and India we, are returning to the norm, the. Sheer numbers, of population. The. Pacific, will become, the. Main economic. Center, of the world as against the Atlantic but, it doesn't mean Europe. And America, or eastern seaboard will go down it just means that this. Old civilizations. Have revived that's all. Honourable. Minister mentor Lee Kuan Yew he, is accompanied, by Her. Excellency Tanaka. With, a short temper, and professor, Kimiko. It. Was 30 years ago that. Is December, 1978. That. The historical. Third plenary, session. Of the 11th.
Central Committee of the Communist. Party of China was. Held which. Officially. Initiated. China's, reform and, opening-up. Since. Then China. Has made a great historical. Transition, from. Highly, centralized, the planned economy to. A vigorous socialist. Market economy and, from. Being closed and the semi closed to. All around, opening. Even. On the yellow team that myself came with me, we eat Iranian. She argued. I see now for season. Your plan. Well. He came here in late. November, 78. He. Had been to Bangkok Kuala. Lumpur, and Singapore. He. Then saw. Three. Supposedly. Third world capitals. Better. Than Shanghai. So. That shook him. To. Singapore. Tempo too, much it is really fun when he mainly. In Sydney indeed a servant er she she's from the article, done. An. In Singapore, he found that we had a. Very. Egalitarian. Society. Everybody owns their own home and, a. Capitalist, economy. Fully. Intuitive, now, if. And. When she, wasn't. Home Jamie. Lee. Yong. GE. And. So he engaged us. Informally. How. Does this come about so we explained to him so. It must have dawn on him and you can work a capitalist. System and yet. Bring about egalitarian. Or more a socialist. Results, so when he went back I think he. Was already have been thinking for several years. The. Communist, system was not working yet. So. That December. He. Decided, on. Opening. Up I think six special economic zones. We, sparked, off in him the ideas, that, we. Can use the world's, capital. Technology. Expertise. And develop. Now. That insured has a branch in Abu Dhabi the Abu Dhabi yeah yeah how is the operation er its operational, it's starting. We opened it last. Year mm-hmm and it. Has to find its way okay. Yeah. I was there last week with the the. Crown Prince when the see the economic. People, or before Singapore. Do you affect you see we are small country as more countries yeah, and, we, were. English-speaking gia english-speaking a small concerns we have a law in. Commentating. Talent. No. We are in a good location yes, but we have to collect talent and three, everybody equal give everybody equal, opportunity. Education and, housing and, healthcare three, fundamentals, and race up to them. The. Singapore model is just a pragmatic, model. Whatever. It works we. Have no fixed ideology, our. Kids that we look to the world as our market we have no domestic market, and. The, good thing is that we are english-speaking, we, treat everybody Indian. Chinese Malay equal, well, we are not ideologies. I mean we I'm. Interested. In theories, and formulas. But. I'm more interested in what works and you, know theory doesn't work I push it aside and try another one and what, works we implement, and improve one, we. Are pragmatists. We're. Pragmatist, in the sensor we.
Are Utilitarians. Singapore, has been the most successful country in the, past 40 years, Japan, was the most successful in the past 50 years it, too was, a one-party, state from, nearly, all of that that, time, China. Has been the most successful in the past 30 years -. Was a one-party, state and Singapore. The most success of the past 40, years not. Suggesting. That one-party states are good but. Facts, are these. Countries have done well if had smart people running them dunk. Chow ping in China was a brilliant. Guy it turns out the, guy running this place was a prison guy so. They put it all together they've, worked hard saved and invested and. They've directed their energies, and their capital, into. The right areas, it's. Work. I. Say. Without the slightest. Remorse. That. We wouldn't, be here we would not have made the economic, progress, if. We had not intervened on. Very. Personal, matters who. Your neighbor is. How. You live the. Noise you make how, you spit, or where you spit or. What language you use. Had. We not done that and done it effectively, we. Would not be here today, and. The government has been very wise in terms of crafting the right policies. It's. Been guided by meritocracy. It's, been very fair and transparent, so. The people of Singapore I think have a great, deal of trust, trust. In the government. Maybe. So much so that you know the, opposition maybe. It's a little weak but if. You look at what the PAP has been able to achieve in Singapore. Then. I think you, can see why the people would be quite happy with the way it is they, provide, to the people, what. The people want and that is and whether the people in Singapore are very happy they. Have some the best health care standards, in the world, Singapore. Has got no racial. Tensions. Were. There many wonderful, things that, Singapore. Has accomplished, and, in. That's why you'll find that. There's. A the, number of people who want to come and live in Singapore. It's. Much greater than the number people leaving Singapore. Aleksander, where are we we, had Marina Bay now which is one of Singapore's most, photogenic locations. Right. Behind me is the very. Much photographed, esplanade, theatres by the bay which, is where you want to be if you want to catch an opera, theatre. Performance, a musical, or any, show or concert. We, also have the Singapore Flyer which, is a nice place to take in the view of the city and especially. Come, Formula, One season it's, also a very nice location, in, which to look at the action of, the cars whizzing past you underneath over, in the distance you look over there that's. One, of the integrated resorts, and you, can so try your luck in one of the casinos, that will be developed in about two years time. Dear Louis the botany, of the moon Long's an offer st Democrats, admit democratise, is that fat remain, exactly as it came paintings, from Maine exactly, divert, evil for Matteson archaic, and a, dinked. Of the nettle visual art for the men sir and, who discovers, they, have a year militant, denial of death worker and if you tell them a afterthought hey is Bahamas armaments, Russia year. On the NPS, you on the birth and. I select the layer and he says now Cacnea for me Haim don't ever act habit and not to die Ezekiel, password, motivate, our the lift in but, you lead a new Murph I had the. Inner well, helped of how to more locator for a store, employee yeah. The name will have to cook too. I am. Drinking a ice, cream tea but. If. We wanted it. We. Could have Cabernet. 7yo. We. Could have. Champagne. I mean. You, can have pretty much whatever we wanted to you over. Here there's whiskey. It's. A lot better than the dentist in New York. Well. This is this is good. Living as far as I'm concerned I'm not gonna drink any of this but never. Occurred to me that I'd go to dentist and get, drunk hello, dr. Chong hello, nice to see you. There. We hope that Singapore's, economy, and that of the world will emerge stronger and better from the ashes of the current financial crisis. The. Wall street culture that preached greed is good and celebrated, individual, profit at others expense has. Been on the ascendant, for over two decades it. Spread to Singapore, which like many other countries was, led to believe that, capitalism as, practice. In America was. The fastest, surest. Way to economic, growth as people. Watched investment. Bankers grow obscenely, rich late. Who wanted, in who. Could afford to pass up the tantalizing, opportunities. To make a pile overnight. More. Than a thousand, people who lost hard-earned, savings investing. In structured, products like Lehman, mini bonds and DBS high notes turn, up at the speaker's corner this evening Danny in attendance, were upset, investors, Elda folks who claim that lost their retirement, savings through fields investments, I guess, the ordinary, Singaporean, didn't realize that. Wall, Street was had.
Come To Singapore in a way in, the. Sense that the banking, sector had changed quite a lot in last decade, or two, DBS. Bank seems to have problems. Coping, with, a number of complaints from investors, who bought high high, notes five a financial, product linked to the failed at Lehman Brothers the, dialogue, was held behind closed, doors but, the emotions, could still be heard through, the walls. You. There. Was this big group of Singaporeans. Many of them retirees, who. Are very, directly, affected, by the credit, crisis because, they bought these financial, products, that are, virtually. Now worthless well, the problem was that one of the banks, that did this. In. A rather big way called, DBS, is. Is. A Singapore, institution. Right like many things. In Singapore it started off as a government, organization. This. Year in September as you everybody. Knows. Lehman, Brothers, the. Big, investment, bank in wall street got. Into trouble and, and. As a result of that this. Product basically, everybody. Lost all their money and. 4,400, people that's, a total of 103. Million. Singh dollars, did. You lose everything yes I mean everything that I've invested in them is one hundred twenty-five thousand, it's all gone it's. All gone they. Bought it because. They wanted the high. Interest. Rates there. Is no, risk without there, is no end there's, no return higher return with a higher risk, but. Now they say I didn't know about it well. Maybe some of them are pensioners, and old and cannot. Read in English then we'll look at it and we told banks to be compassionate. Legally. They have no case, but. Morally, you want to keep your customers, you. Give them some. Leeway. Rescue. Them. I've. Been a journalist, since I graduated from university, I studied. In England and I. Joined, the Straits Times and, my. Position, senior, political correspondent we. Have a political. Desk and we cover Singapore. Politics, in. Recent. Years the more perceptive. Among us began to detect, signs of trouble the. World has suffered a terrible setback to growth and development. But it has also been presented, with a chance to seed a new culture, of personal, and social responsibility. We. Need to build a new consensus. That true prosperity is, shared prosperity. Because. Only then is it sustainable. From. What I observed. Even. Though this credit. Crisis had happened, I didn't. Really. Sense that there, was any real. Reexamination. Of values going on. Maybe, Asia should, consider. Taking the lead now that the Wall Street model, had been shown to be very faulty. I mean cause the whole global. Economy to collapse virtually. We, are here at Hong Lim Park and this is the place that we've been, gathering since. October. And at. The very first meeting we had about thousand, past people. Here. They, have. Become a lot more vocal than Singaporeans, usually are and, then they went to this place called speaker's, corner which. Is the only place in Singapore where you are allowed to assault I have, demonstrations. So. We saw this, speaker's. Corner come to life the. Government, has passed. A law. This. Year. That. Law allows. Citizens. Of Singapore to apply for approval. To come, here and address, the public aside, from things of you know, housekeeping. Things like keeping, the park tidy or all times and no damage to the facilities, it. Also tells, you on, what topics, you are allowed to speak on it. Was good to see soft, Singaporeans, coming, and. Making. Their voices heard, but. It was still very self-interested. I thought yes, I mean because basically, yes, they were fighting but they were fighting for their own money. There. Wasn't I didn't, get a sense that we were sort of rethinking. Like. Oh you know, where. Do we go from here in terms of our culture and our, youth. How. Crisis, proof is to say therefore model. Our. External. Trade is, three and a half times our GDP. We. Are totally, connected to the world more, than any other country. So. When the world shrinks we. Shrink. When. The world recovers, we will recover. Everything's. Gonna be affected when the largest economy, in the world goes into decline. Including. Singapore now, Singapore, is better place remember. The grasshopper, in the ant well, Singapore's, got a lot of savings they, put a lot in the put. A lot of weight unless. They make mistakes and they are making some mistakes unless. They make a lot of mistakes so Singapore, is gonna come to this much better but, fortunately, there's. A pipeline of new investments. Which were. Committed. Before. The storm. So. We have to an. Integrated. Resource each will hire ten. Thousand workers.
We. Have, solar. Panel. Norwegian. Solar panels six billion dollars. That. Will employ one. Two thousand workers and many. Such. Investments. Have already been committed and they have to carry on the halfway through, so. For one two three years there. Still be new. Jobs opening. But. Of course they'll be retrenchments. So, the problem is how to retrain, workers to. Fit these new jobs. So. We have a big retraining, program. Due. To be flexible, and to adjust to, the situation - so when. The employers have to read tranche we tell them look don't. Be trench you. Pay one-tenth of the salary we, will be a, 9/10. Go. For training. Whenever. Singapore, goes to an economic crisis, it. Cuts wages, but. It doesn't just cut wages it consults. The trade unions, explains. To the trade unions, why. It is in their interest, to cut wages to keep Singapore, competitive. Because, if you don't cut wages that be more unemployment, in. Singapore, the, Europeans, are reluctant to do that. Reluctant. To retrench, and if you retrenched, the. Unions, will. Fight, vigorously. So. It it is more difficult to adjust. The economic, system, so, I'll sit here and pocket of Singapore shout out to expert, ears and revolver. Yeah accounting. So from motherland, income i there is an aspect from the sama living here where, they act what mere from some news articles black and of this snail, headphone and posture the. Economic, case has come to all we could hear the left of mineral, undock man about. Me no problem in the banker and its mineral is a fun trick from from. The. Situation. America, and Aloha Maya, comes evoke an, immense is an act of sneller, entity, dependent. Moved from homeland AMPAS of the new be taken that, men. In. Lonely city Allah or top men ever dwell on a bad mood sugar when except theaters Neverland do turtle and hosted, the total program in its core had problem in investors, that, we talk any event. A full of insane, animals. Are to scroll and of the mood to ever on to say here. This. Advances, for not very, long so campus, how. Come you think is, it so difficult for Europe, to to make that change. Well. I think it's a combination of, factors one. Is of course to, some extent is the nature of democratic, politics. The. Politician. Running for elections. Both. Tell these constituencies, hotel, the that consists I will give you something now, he.
Will Not say to them hey there's. A problem coming ten years down the road let, us sacrifice no, any. Politician, who says let. Us sacrifice now, pornog. Elected, I, think. The problem is you are slow in adapting and. Adjusting. To, changes. Because. You. Are already settled, into a comfortable position and. To. Change makes, people, uncomfortable so, they postpone, the changes. Whereas. We, are starting from uncomfortable. Positions, we change in order to be more comfortable. Yeah. You. Have been talking about the social compact, between, governments, and the people were, what. Is the social complex here in Singapore, the. Social compact is we will give you a stake in life. Will. Give you and your child. Or. Your children, good. Education, good health a home. The. Rest is up to your effort. How. Well you do it how. Well you hire how well you work, how. High you get up, it. Depends, on you. We. Do not promise you equal, results, we. Promise, you equal, opportunities. Every. Worker. Has. His. Own savings and his own saving, pool but. The state doesn't promise to take care of you forever, because we feel that creates a dependency. On. The state which is unhealthy well, in your out of a job we find you a job and. If. It is not as good as your old pay we give you a supplement, but. If you refuse our job then. You get nothing so. You must work in, other words what, we are trying to do this personal, responsibility. You. Are responsible. For yourself and your family. That's, a big lesson we've learned from, what. We call excessive. Social, welfare ISM in states. There's. A full welfarism, yeah, I see we we believe you know by the way we do believe you want to brought a safety, net for some people okay people. Who are disabled. Or, handicapped. Or. Single. Mother with. Kids and all that you have you have to help them you, can create but you must create. Ways. Of helping them. Without. Creating a disincentive to. Work. Well. I would say we, are different societies. The. Era went through two devastating. Wars, oh she nearly, destroyed, it after the second world war. Then. It recovered, with, the help of a Marshall. Plan. And. With. American. Capital. And technology caught up very quickly and. Because. This. Is my, explanation. Of why there. Is the social contract, between and. The. Leaders and the. People. Because. The people paid, in. Blood for the war and during the war. So. The British for instance or the French or the Germans they feel very strongly that. The. Country owes this to their workers, because. They were the people who. Bled. Paid, in blood during, the war and they were the people who worked hard to. Bring back, the. Economies after the war. Therefore. There's a reluctance to. Break. That social contract and, the, French workers was used to getting retiring, at full pension at the age of 50 and even. Though life expectancy, has gone up to 80 or 90 to. Tell him hey you must carry on walking to 60 or 70 you say no no I'm not gonna carry on working I was. Promised at the age of 20 but. You made the promise at the age of 20, in a different, world, the. World has changed. You. Have new competition. You. Have to adapt. In. Europe, you. Have more, of a welfare system. That is, established. There's. Always this sense that all right, at the very worst that all these things, to fall back on but. In. Singapore. We've been very wary, of going. Down the welfare, path. So. In. An, economic, recession and, when. It. Comes to like older, people thinking. About what their post retirement years, will be like it. Does make. Them feel very much more insecure. We, have built up this beautiful system, that whenever you're out of work that government, will be there to take care of you it has worked so. Far it. Doesn't look as though that's. Going to continue because. Somebody, has to pay for all of this, the, government is not this, endless. Source of money in this. Endless source of. Goodwill. They. Have to get the money from somewhere and, that, there's nobody earning, money to. Provide this for everybody, it. Comes to an end you. See you you can you can afford to be ideological. When. You are sure that you'll. Be forever. Affluent. And prosperous, right. Then. You can tell the world you should do this you should do this you should do that but. It's a much more competitive, world, economy, we, all have to adapt and adjust and, so. This, is something that Europeans, can learn from Asians, to. Learn to be pragmatic. I studied. European philosophy. You know and. I was always told that you must open your, mind and consider. Other, possibilities. But. The European mind has. Become progressively, more ideological. Closed. And. It cannot conceive, of alternative. Models, of development, it. Has only one model and you. If you are in the model you're right, if. You're outside the model you're wrong, the. World the, world of black and white has, ended, now. We live in a world of many shades, of grey and. Europe, and America, have got to accommodate, that and understand.
That Change. Creates. Opportunity. There's. Never been a. Time. And there. Have been times like this in the past don't let anybody tell you this is totally. Unprecedented, unheard, of there, have been times like this in the past but there's never been a time like this that didn't come with, opportunity. But. My point is you. Can. Look for the opportunities. At a time like this and you. Should take. Advantage and. Be. Positive, take. This chance to. Create, your own future. Just. Remember, for the rest of your career. That. If it looks too good to be true it, is. By. Definition. We. Need all of you to take what you've learned and. Be. Challenging. And be aggressive, and be. Leaders. The. One thing, that. Will absolutely stay. With you I can promise, for. The rest of your career is INSEAD. You. Carry this credential. Which. Is our brand and, we. Share the responsibility. For it, good. Luck. Keep. In touch and. Believe. It or not we are here to help all the best. Alexander. Chen. Delfy. Chen. Thank. You for watching, for. More on this subject take a look at the playlist you, can also watch this recommended, video, don't. Forget to subscribe to our Channel and we'll keep you updated on our documentaries.