Singapore: Economic Prosperity through Innovative Land Policy
Metadata
Highlights
- Lessons from SingaporeSingapore clearly provides a shining example of the prosperity that can arise from Georgist principles put into practice through pragmatic policy. In the early years of independence, land value was rapidly restored into the rightful hands of the public. While widescale land acquisition may be beyond the political appetite of Western voters, the use of a statutory date demonstrates one way in which speculation can be stopped dead in its tracks. Georgists who are willing to accept some compensation of landowners during the transition to land taxes could use a similar method to determine an acceptable payment based on past property values. Singapore’s development charges demonstrate a Georgist tool for capturing some of the windfall gains earned by landowners as the result of planning changes. Cities with clogged road networks can copy Singapore’s congestion pricing and improve efficient use of this public resource.