Policy 3: Boosting national savings*

History will record that Lee Kuan Yew got it right in Singapore with his Provident Fund (self-funded social welfare benefits), while Bismarck got it wrong in Germany with his social welfare system of intergenerational transfers.”— Lester Thurow, Professor of Economics at the Massachusetts Institute of Technology in “The Future of CapitalismAustralia needs a national savings policy to boost the dangerously low level of savings and to provide a large pool of reserves which makes the nation s…

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