To put it bluntly, there isn't one economic theory that can single-handedly explain Singapore's success; its economy combines extreme features of capitalism and socialism. All theories are partial; reality is complex.

The economy is much bigger than the market. We will not be able to build a good economy - nor a good society - unless we look at the vast expanse beyond the market.

Many people think that the U.S. is ahead in the frontier technology sectors as a result of private sector entrepreneurship. It's not. The U.S. federal government created all these sectors.

Ha-Joon Chang Quotes