Economy

This reading is about four myths which could have contributed to the inequality in Singapore. The
first myth talks about how inequality is need in our society as it allows individual efforts to recognise
and be rewarded and can help the economy to grow. Job competitiveness has indeed cause wages
of low skilled workers to decrease as everyone is desperate to get a job, the boss could just hire the
lowest wage worker to cut down on labour.

One portion of the reading was about Singapore helping the USA in its war against terrorism. In one
part about the short-term benefits and long-term costs sections, it mention that Singapore is very
supportive of president Bush fight against terrorism, as Singapore have sent troops into Iraq to help
the aid of rebuilding the country. By doing so, it allowed a free trade agreement (USSFTA) to be
sealed. Thanks to this agreement is has cause the bilateral trade to increase by 12.6 percent, by
having an increased in foreign investor.