When news
of Heng Swee Kiat’s collapse in a cabinet meeting hit the streets, there must
be fear of a fleeing of foreign capital from the island. This rumour or line of
thought has been speculated for several decades to frighten the Singaporeans,
that stability of a one party, one man govt is the key to Singapore ’s success. Now that the one man is
no longer around, it is the composition of the one party that matters. And the
composition of the one party actually is about a few men countable by the
fingers in one hand. And Heng Swee Kiat is one of the fingers, touted as the
future PM.
Heng Swee
Kiat’s collapse may send fears to some that it is a sign that Singapore may be collapsing or the future is
collapsing. So foreigners, those from the first world, would be packing their
bags and businesses and running away. There is no fear from those of the third
world as Singapore is still too good for them than
their third world homeland. They die die will stay.
Nothing
happens. No one is running away. Let me offer two possible reasons. The
foreigners and their investments did not see anything fearsome to want to run
away. Two, there are very few from the first world. Most of the foreign
investors and investments are from the third world, where else to run to?
Oh, a third
point, Singapore is now quite stable. It is no longer
dependable on one man or one party to continue to grow and prosper. The country
is stable enough to withstand the loss of the one man or the one party and its
constituent key members.
This is the
good news. Singapore will not be shaken just because of
the loss of one man or one party. Singapore will not be turned into a third
world country just because one opposition candidate gets elected into
Parliament. No foreign investor will panic just because Chee Soon Juan would to
get into Parliament.
The system
will continue to run as if nothing had happened. The island would still be
here. The property prices would not fall, and no one’s daughter or wife will
become foreign maid. Singapore has passed its second durability test.