Social Before Singapore’sindependence, the nation was very corrupted and poor. The PAP used itsgeographical position as an entrepôt state in order to build up a strong economy.Singapore’s entrepôt drew foreign investments and quickly turned the city-stateinto the Asia financial center. The PAP has implemented several policies suchas property-rights protections, and penalties for corruption.
Singapore has oneof the lowest ranks when it comes to corruption, the PAP’s effort hassuccessfully succeeded (Carney, 2015). Singapore ranks 48th inthe World Values Survey. The interpersonal trust in Singapore is relativelylow, which indicates a weak tendency of trust between individuals within thefirm. The low score may prevent Singaporean’s to do business with new partners.
In comparison to other Asian societies such as Korea and Taiwan, theinterpersonal trust is relatively high. This study does not find thissurprising since other Asian societies tend to create a network throughpersonal relationships or so-called Guanxi (Carney, 2015).