The Singapore Model of Economic Governance
Singapore’s approach to workforce training:
Tom Friedman makes an interesting point on how Singapore deals with challenges of providing its workforce the necessary skills to compete in the global economy:
“Singapore probably has the freest market in the world; it doesn’t believe in import tariffs, minimum wages or unemployment insurance. But it believes regulators need to make sure markets work properly — because they can’t on their own — and it subsidizes homeownership and education to give everyone a foundation to become self-reliant. Singapore copied the German model that strives to put everyone who graduates from high school on a track for higher education, but only about 40 percent go to universities. Others are tracked to polytechnics or vocational institutes, so the vast majority graduate with the skills to get a job, whether it be as a plumber or a scientist.”– Tom Friedman
My take:
A multi-pronged approach is something that the US should consider. Waiting for some new and miraculous innovation to save the day (see Tyler Cowen’s piece) or expecting every high school senior to go to college and graduate with the requisite skills for the future appears to be a rather inchoate strategy for the world’s sole superpower. It would make sense to be more broad minded in preparing high school students to face the job market of the future.