I found the following picture on ValueWalk and it’s worth a moment of thoughts. Stare at the picture and try to absorbed what happened. You don’t need to be an economic genius to understand. Two countries, Cuba started way ahead while Singapore was a backwater country, two different economic path, and two strong leaders. I was fortunate enough to go to both countries. I went to Singapore in 2012 and Cuba in 2014. This blog is not big enough to explain the contrasts between the two. Cuba looks worse off today than in 1950. Kudos to Lee Kuan Yew for turning this former third world country into a role model for the rest of the world.
The point is this: Apply the right economic policies, promote individual liberty and let individual pursue their dream and it will destroy poverty. I know Singapore isn’t exactly a democracy but the government values individual liberty.