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(Bloomberg Opinion) When Singapore set up an international financial hub in the late 1960s, the city-state was thinking both fast and slow seizing an immediate opportunity, and opening a path to long-term economic development.
When Singapore set up an international financial hub in the late 1960s, the city-state was thinking both fast and slow seizing an immediate opportunity and opening a path to long-term economic development. Half a century later, India is attempting something similar in Prime Minister Narendra Modi’s home state of Gujarat. But without much thought going into what exactly it’s building, for whom and for what purpose, all it may get is a casino for the local rich.
In hosting an international financial center, Singapore stole a march over rival Hong Kong, where the bankers were initially against more competition. But it wasnt tall buildings that made the experiment a success.