MTI Insights

Free Market System

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Free Market System

Singapore adopts the free market system so that our industries can respond quickly to market signals and adjust their strategies accordingly. This also ensures that our economy's scarce resources are allocated efficiently.

As far as possible, the government does not intervene in the economic decisions of firms, unless overriding social or political concerns prevail. With rare exceptions, entrepreneurs are free to set up businesses in any sector.

As a result of our openness, Singapore has benefited from the presence of foreign MNCs. They bring in capital, technology, management know-how and access to world export markets. With the free market system, we allow open competition not only among domestic firms, but also from foreign firms and products. This ensures that local companies remain competitive without having to shut themselves out from external competition. Consumers also benefit from lower prices.
 
 
 
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DATE PUBLISHED  05 Jul 2005
LAST UPDATED  20 Jan 2012
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