Singapore's ruling elite killing of the entrepreneurial spirit of the early migrants can be traced to abuse of the land acquisition act. Through this act, the PAP government is able to acquire more than 80% of the land mass in Singapore. The ruling elite and their cronies then become the LANDLORD of Singapore raising the cost of living through massive increase of rents. By so doing, they deprived private enterprise of setting up businesses. Shops, stores and businesses can’t enough to pay the rents charged by the ruling elite and their cronies.
Compare Singapore with Taiwan. Many Taiwanese university graduates unable to find employment can easily set up a store to do some kind of business to survive. In Singapore the unemployed graduate is unable to do this because the ruling elite (and their cronies) have abused their power by making rents very expensive.
"Taiwan isn't just electronics. The capital Taipei is home to one of Asia's most exciting street food scenes. The air is filled with the aromatic mix of soy, rice wine, sesame, spices, frying oil, grilling meat and the high-pitched shouts of hawkers. Clouds of smoke waft above the dozens of small stalls that make up Taipei's Ningxia night market, all brightly lit, sitting under coloured signs, beckoning customers to tables loaded with glossy, roasted duck heads and necks, intestines and hearts of every conceivable nature, piping hot bowls of noodles and freshly made dumplings."
"Taiwanese Night Markets started as local markets that operated in urban sites. Most Night Markets started as small gatherings in street corners or in temple plazas. These markets were joined by retailers who sold handicrafts and traditional medicine. One example of a Night Market Network is Taibei. Small gatherings of night vendors lined up the streets of Taibei, but still the city was not classified as a Night Market. Taibei was not known to be prosperous until after World War II.
Starting in the 1950s, Night Markets formed in Taibei's old urban areas and later settlements were set up across the city's edges. In the 1970s, Night Markets spread into new suburbs and manufacturing areas. There were also traveling periodic Night Markets that could even be found in rural towns. By the 1980s, anyone could buy a full range of goods even in a remote area."
Act for Singapore