This book examines how Singaporean leaders embrace change to stay in power, by meticulously balancing control and freedom, and prosperity and dominance.

Lee Khuay Khiang is a political economist who researches state power, international trade, international finance, and geopolitics with a focus on Japanese, Korean, and Chinese business networks and public policies in Southeast Asia. He is a lecturer at the National University of Singapore, the Singapore University of Social Sciences, and the Singapore Institute of Management-University of London (International programme), where he teaches macroeconomics, microeconomics, international trade, political economy of Asia, international political economy, and corporate strategy.

Table of Contents; Preface; List of Abbreviations; Introduction - State-Led Capitalism Under Single Dominant Parties in Asia; Chapter 1 - Demystifying Singapore’s State-Led Capitalism; Chapter 2 - Step 1: Installing PAP as a Single Dominant Party; Chapter 3 - Step 2: Installing Developmental State and Singapore Inc.; Chapter 4 - Step 3: Financialisation (Ossifying developmental state model and reframing Singapore Inc.); Chapter 5 - Step 4: The Rise of Sovereign Wealth Funds (Binding financialisation and state collectivisation); Conclusion - The Cycle of Decline (The Rules-Based Order, SWFs and the PAP as a single dominant party); References; Index