A

comparison and contrast of the economic and political system of

Venezuela and Singapore
Student A and Student B | Individual and Societies.

Background information about Venezuela

The Venezuelan economy is largely based on petroleum sector and manufacturing. Venezuela is the 6th
largest member of the OPEC by oil production. The Venezuelan government chooses which goods are
produced, when they are exported and how much they should cost. Therefore, they will depend on their
exports a lot and will try to benefit from them as much as possible as they have very good sources of oil
which other countries find very essential and Venezuela can make a lot of money from this. Since they
are a very popular and large member of oil production, they will be relying on the command economy
system as they will need to make the prices which will obviously be selling more than it values so that
they can profit from it. Venezuela is part of a command economy which is a system unlike the free market
system where the government decides which goods are produced, how much of it is produced and the
pricing of which the goods are sold at.

In 2014, they exported $63B and imported $36.6B which meant a positive profit of $26.3B. Venezuelas
oil production is very big, but has fallen since 1998. Now they are producing 2,300,000 barrels of oil
daily when 3.5 million barrels where produced in the year of 1998. This is an example of Venezuela
taking advantage of the opportunity they have with a command economy whereas if they had a free
economy, they will be making a lot less as they will be selling their goods at the price of what the
consumers and open market determine.

Background information about Singapore

Singapore is a country which is located in South-East Asia, right next to Malaysia. Modern Singapore
was founded in the 19th century but lived under the British Crown Colony. In 1959, Singapore had their
first general election and The Peoples Action Party won with 43 seats. This resulted in Lee Kuan Yew
becoming the first prime minister of Singapore.
When Malaysia was formed in 1964, the Federation of Malaya, Singapore, North Borneo and Sarawak
wsa compromised. This was done to create closer ties between the countries but Singapores merger was
unsuccessful. Two years later on the 9th of August 1965, Singapore left Malaysia and became an
independent sovereign democratic nation. Singapore now has a free market.
Singapore has what we call a free market economy. A free market economy is an economy where the
government does not interfere with any business activity, which results in the individuals controlling the
market and making economic decisions themselves.
Economic overview of Venezuela
GDP: 438.3 billion USD of 2015
GDP per Capita: 14,414.75 of 2015
GNI per Capita: 17,900
Adult literacy rate: 90% of 2015
Life expectancy(years): 2014 is 74.236
HDI: 0.764 as of 2013 and the ranking is 67
GDP per capita growth rate using years 2012 and 2013
is 13%
Unemployment rate of 2015: 6.7%
Employment rate of 2015: 93.3%
Population of Venezuela: 31.41 million
Poverty headcount ratio: 33.1%

Just from these statistics, we can already tell that Venezuela
is not a very rich and well developed country. However, we
can also tell that they are not extremely poor and most of
the people are not in poverty, taking in consideration that
this is a very large country and has to take care a lot more
people, comparing countries like Singapore.

The situation now is that Venezuela should be achieving a lot

more then they currently are. This is because they are one of
the largest petroleum sectors and manufacturers.

Gini Coefficient
As we can tell from the Gini coefficient for Venezuela, over the past
few years, the Gini coefficient reduced and still is. This is good for the
country and as the reading goes closer to 0, the more equal the
income distribution between citizens of Venezuela.

Trade agreements
What they mainly produce at mass production:
Venezuela was a member of the Mercosur which has 4 other
Crude Petroleum
members which are Argentina, Brazil, Paraguay and Uruguay.
Refined Petroleum
Venezuela joined the Mercosur in 2012 but are not able to
Acyclic Alcohols
negotiate by trade as a party and can only observe the
Packaged medicaments
negotiations. Unfortunately, Venezuela has now been suspended
from the Mercosur trade agreement as they were not able to Frozen Bovine Meat
comply with the organizations democratic principles. Gold
Petroleum coke
Concentrated milk
Corn
Top 5 countries(main) which Venezuela is exporting to: Top 5 products(main) which is exported from
Venezuela:
1. USA ($27.5B)
2. India ($11.7B) 1. Refined Petroleum ($10.9B)
3. China ($10.1B) 2. Petroleum coke ($425M)
4. Singapore ($3.86B) 3. Acyclic alcohols ($607M)
5. Spain ($1.55B) 4. Gold ($581M)
6. Other countries ($8.29) 5. Crude Petroleum ($47.8B)

Top 5 countries(main) which import to Venezuela: Top 5 products(main) which import to Venezuela:

1. USA ($10.1B) 1. Refined Petroleum ($2.94B)

2. China ($5.62B) 2. Packaged medicaments ($1.71B)
3. Brazil ($4.63B) 3. Frozen bovine meat ($1.07B)
4. Argentina ($1.98B) 4. Corn ($727M)
5. Colombia ($1.88B) 5. Poultry meat ($698M)

Health and education of Venezuela:

The life expectancy of the average person was 74.236

years. This is above average which is a good sign for
Venezuela which could mean more working years for
employers and more. During 2014, Venezuelas economy
faced many difficulties and problems. During this time,
sources were very limited, especially the lack of supplies
to perform surgeries. In February of 2014, the University
of Caracas Medical Hospital stopped performing
surgeries, even though there were over 3000 people
who needed surgery. In Venezuela, 5.3% of their GDP is
spent on healthcare.

http://data.worldbank.org/indicator/SH.XPD.TOTL.Z
For educational purposes, the adult literacy rat is 90% of S?page=3
2015, this is above average in the world. In 2010,
Venezuela ranked 59th of 128 countries on UNESCO's
Education for all Development Index which is not too
bad as this shows that Venezuela has an average or
above average education system and not a poor system.

In Venezuela, 9 years of education is compulsory which

are more than the essentials needed for a good
education. Venezuelas education expenditure 4.419%
of their GDP.

Taxation in Venezuela. Tax percentage rate over the past 10 years have been the same which is 34%. This
will apply to everyone even including people who are very poor. This is very bad as there will be a lot of
people who will not be able to pay their tax, therefore making many debts if all the poor people who
cannot pay their tax is accumulated. Therefore, they should have a progressive income tax rate. This is the
taxation system used in different countries like Singapore and the US. The first time that a citizen is
payed in Venezuela, the amount of tax that they should pay should either be 0% or a smaller percent. The
next time that they will be payed, they should pay with an increase of tax, but not too much. From this,
Venezuelas government should be able to tell how many people are not able to pay tax and if they should
reduce or increase the tax rate progression.

What makes up the GDP in Venezuela:

Agriculture
Agriculture is one of their key components in making their GDP. Venezuela is very large and agriculture
takes up around 1 quarter of their country. Their main exports using agriculture is rice, corn, fish, tropical
fruit, coffee, beef and pork. However, recent government policies have led to greater problems resulting
to food shortages.

Industry
The main segment is the petroleum and manufacturing sector. This is because of the amount of oil
reserves that Venezuela has which helps them with manufacturing oil products. 36.1% of the GDP in
Venezuela is made off the industry, making this one of the key elements to how Venezuela makes their
money. A list of products like agricultural products, livestock, raw materials, machinery and equipment,
transport equipment, construction materials, medical equipment, pharmaceuticals, chemicals, iron and
steel products, crude oil and petroleum products are made from industries.
Services
Services mainly include labour force. 13.3 million people make up this these labour force which is around
59.9% of the GDP made in Venezuela. This is why employment rate and unemployment rate is very
important and will greatly affect Venezuela as labour force is one of their key segments of making their
GDP.

Statistics of Singapore
 GDP: $487 billion
GDP per Capita: $87,100
GNI per Capita: 76,860
Adult literacy rate: 96.8%
Life expectancy(years): 82.1 years old
HDI: 0.912
GDP per capita growth rate:
Unemployment rate: 2.1%
Employment rate: - Population of Singapore: 5.7 million
Poverty headcount ratio: N/A

As you can see from the statistics, Singapore has an

extremely high GDP based on their size and population.
The GDP per capita confirms this by being very high as
well.

Based on all the data received from the statistics, we

state that Singapore is a very developed country with a
very high employment rate and no poverty ratio to be
found. The life expectance is very high as well as the
literacy rate being almost 97%,

Gini Coefficient:

Singapores Gini Coefficient is as you can see on the

graph to the right the highest of all the countries. The
closer the number is to 0, the more the money is
distributed fairly amongst the population. The reason for
Singapore being the highest of all the countries, is
because there are a lot of very rich people and a lot of
tremendously poor people.

Income distribution:

As you can see in the income distribution graph, more

than 50% of the total population in Singapore earn the
least amount of money possible, and 5.6% earn more
than $197,000. This shows how unequally the income is
distributed in Singapore.
Top 5 products that export from Singapore:
1. Refined Petroleum 23%
2. Integrated circuits 19%
3. Computers 3.3%
4. Oxygen amino compounds 2.2%
5. Office Machine Parts 1.3%

Top 5 products that import to Singapore:

1. Refined Petroleum: 19%

Top 5 export countries:

1. Hong Kong - $34.1B
2. China - $33.2B
3. Malaysia - $27.4B
4. Indonesia - $25.6B
5. Other Asia - $14.5B
With a total of $272B

Top 5 import countries:
1. China - $44.3B
2. 2. Malaysia - $37.1B
Integrated circuits: 15% 3. United States -$27.9B
3. Crude Petroleum: 9.2% 4. Other Asia - $27.5B
4. Petroleum gas: 2.7% 5. South Korea - $24.3B
5. Computer: 2% With a total of $352B

Trade agreements:

Singapores economy heavily relies on trading. Singapore has several trade agreements with both
countries, developed and developing, and group trade agreements. Their FTAs include, but are not
limited to; China, India, Japan, Korea, New Zealand, Panama, Peru, Australia, Costa Rica, Jordan and the
US.
Singapore relies mostly on their trade with China since they are their top importer, and second largest
exporter. Singapore is still making connections with other countries. They currently have 15 free trade
agreements under negotiation with single countries. According to the Singapore ministry of foreign affairs
Singapore has an extensive network of trade agreements of 20 agreements currently in place with 31
different trading partners (MFA Singapore, 2017)
Singapore currently is undergoing negotiation about trade agreements with several countries
including but not limited to; Ukraine, Pakistan, Mexico and Canada.
Singapore FTAs - Trade from Singapore - International Enterprise Singa. IE Singapore Driving
Singapore's External Economy, www.iesingapore.gov.sg/Trade-From-Singapore/International-
Agreements/free-trade-agreements/Singapore-FTA. Accessed 23 Mar. 2017.

2. Describe the economic system in place in your chosen countries and how they deal
with answering the key economic question of meeting needs with limited supplies.

Education:
Education is very important to the Singaporean government, since having intellectual people in their
population is obvious benefit. The education system in Singapore is a bit complex but very good because
there is a school for almost everyone.
Primary school is the first part of every
Singaporeans education. The primary
education is over 6 years which usually is
enough prepare some of the less mature
students. After the 6 years, they have a
huge test, called the PSLE, which
determines what type of secondary
school they will join based on their test
score. When they receive their test
scores, they will be placed in one of the 6
secondary schools based on your level of
intellectuality. After the 4-5 years of
secondary school, you go to post-
secondary where you chose what type of
education you want.
(Education System. Education System, www.moe.gov.sg/education/education-system. Accessed 23 Mar.
2017.)

Health:
 The healthcare system in Singapore applies different compulsory savings from payroll deductions. They
do this to to get subsidies within a health insurance called Medisave. There are one of three levels of
subsidy which is chosen by the patient at the given time
(Healthcare in Singapore. Wikipedia, Wikimedia Foundation, 23 Mar. 2017,
en.wikipedia.org/wiki/Healthcare_in_Singapore. Accessed 23 Mar. 2017.)

Taxation:

The taxation method they use in Singapore is a tiered taxation system. This means that the tax
percentage slowly increases for every x amount of money you make. This shows that the
government in Singapore notices the low income earners. This means that for the first $20,000
you make; you get for free. After this, the tax percentage slowly increases depending on how
much money you earn.
(Income Tax Rates. Income Tax Rates - IRAS, www.iras.gov.sg/irashome/Individuals/Locals/Working-Out-
Your-Taxes/Income-Tax-Rates/. Accessed 23 Mar. 2017.)

3. What are the key components of what makes up their GDP?

Agriculture:
The Agriculture in Singapore is less than 1%. The reason for the agriculture being so low in Singapore is
because almost every square meter in Singapore is already built on. With a population of 5.4 million with
a population density of 7,987.52 per square kilometre, the third highest density in the world, there isnt a
lot of space left for huge farms. This gives Singapore a highly negative trade balance making them 100%
dependent on their trade. So far this has worked very well for Singapore and it will hopefully continue
that way.
(Country Comparison > Population Density. Population Density - Country Comparison,
www.indexmundi.com/g/r.aspx?v=21000. Accessed 23 Mar. 2017.)

Industry:
The industry in Singapore covers about 24% of their total GDP ($116.8 billion). Singapore takes
advantage of having a big harbour and being Asia's main trade hub. Because of their lack on natural
resources, Singapore purchases what they are missing of raw material and uses it to produce other
products such as electronic equipment, machines, engines, pumps etc.

Services:
The Singaporean economy is highly dependent on import and export via shipping. Their dependency on
trade is caused by Singapore's small amount of natural resources

Singapore's domestic market is very small which limits their opportunity of capital growth and therefore
they depend a lot on services. 75% of Singapores GDP comes from services. This is because of
Singapore having the main trading doc in Asia. The import and export are the services and this is what
makes up 75% of Singapores yearly $487 billion GDP.

This also means that if drastic changes happen in the shipping industry like companies discovering a more
practical trading doc, Singapore's economy would be in huge danger since more than $365 billion comes
from this industry.

If this shipping doc loses its priority, Singapores industry would also be in danger since they purchase all
the raw material they use to produce from their trading partners. That means that if they lose their trading
partners, they lose their service. If they lose their service, they will also end up losing their industry. If all
this is last the last industry Singapore has left is agriculture which only covers 0.5% of the total GDP
($24.4 billion). This means that if Singapore loses it trade, it loses everything, which would result in
bankruptcy and losing their independency
(Contact CIA. Central Intelligence Agency, Central Intelligence Agency,
www.cia.gov/library/publications/the-world-factbook/fields/2012.html. Accessed 23 Mar. 2017.)

Current political system of Venezuela

As Nicols Maduro became president of Venezuela, he found that there were a lot of large shortages of
food and a high inflation rate due to the policies of the previous president, Hugo Chvez. However, from
the leadership of Hugo Chves, development activities have initiated which has helped develop
Venezuela even more and has prospered them in every sense of the term. From the shortages that have
occurred, Venezuela now have regulated many products like milk, various types of meat, chicken, coffee,
rice, oil, precooked flour, butter prices; and also basic necessities like toilet paper, personal hygiene
products and medicine. As a consequence of this, the prices of these products have either risen or became
out of stock. People who do not have the luxury of buying these products have to resort to queuing up for
lines taking hours, hunt for food, eat wild fruit or garbage or as a last resort, not purchase the product.
Luckily, organizations like Amnesty International, United Nations and others have come to Venezuela's
aid. However, the Venezuelan government has declined all the offers given to them.
Most economists say that Venezuela started rationing their food in 2014 due to multiple issues.
"According to Venezuelan residents, the government also rations public water to those who use water
over 108 hours a week due to the nation's poor water delivery systems." (research.omicsgroup.org). This
is showing how desperate the Venezuelan government was to rationing their residents. Other products
like Gasoline, electricity and water but was mainly implemented in 2016. This would then lead to bigger
problems like an increase of cases of diseases. Venezuela should be a very rich country because it has the
largest oil reserves in the world. This is because of how the economy is run in Venezuela.

Current political system of Singapore

The Peoples Action Party (PAP) has dominating the Singaporian politics since the 9th of August, 1965
(the day then won their independency).
When Singapore first won their independency, the PAP has a communist political system but is
today described as a Socialist Democracy. A Social Democratic system is where the
governments earns money in benefit of the public.

Current political system of Venezuela

As Nicols Maduro became president of Venezuela, he found that there were a lot of large shortages of
food and a high inflation rate due to the policies of the previous president, Hugo Chvez. However, from
the leadership of Hugo Chves, development activities have initiated which has helped develop
Venezuela even more and has prospered them in every sense of the term. From the shortages that have
occurred, Venezuela now have regulated many products like milk, various types of meat, chicken, coffee,
rice, oil, precooked flour, butter prices; and also basic necessities like toilet paper, personal hygiene
products and medicine. As a consequence of this, the prices of these products have either risen or became
out of stock. People who do not have the luxury of buying these products have to resort to queuing up for
lines taking hours, hunt for food, eat wild fruit or garbage or as a last resort, not purchase the product.
Luckily, organizations like Amnesty International, United Nations and others have come to Venezuela's
aid. However, the Venezuelan government has declined all the offers given to them.
Most economists say that Venezuela started rationing their food in 2014 due to multiple issues.
"According to Venezuelan residents, the government also rations public water to those who use water
over 108 hours a week due to the nation's poor water delivery systems." (research.omicsgroup.org). This
is showing how desperate the Venezuelan government was to rationing their residents. Other products
like Gasoline, electricity and water but was mainly implemented in 2016. This would then lead to bigger
problems like an increase of cases of diseases. Venezuela should be a very rich country because it has the
largest oil reserves in the world. This is because of how the economy is run in Venezuela.

Current political system of Singapore

The Peoples Action Party (PAP) has dominating the Singaporian politics since the 9th of August, 1965
(the day then won their independency).
When Singapore first won their independency, the PAP has a communist political system but is today
described as a Socialist Democracy. A Social Democratic system is where the governments earns money
in benefit of the public.

Compare and Contrast

From all the data that we have put together, we have found out that Singapore has a much more developed
economic and political system compared to Venezuela. We can tell this by the statistics that have been
displayed above. As we can see, the GDP of Venezuela in year 2013 was 438.3 billion USD, where
Singapore is 297.9 billion USD. However, Venezuela is 1309 times bigger than Singapore, and compared
to how much Venezuela makes, it is no where close enough to the efficiency of how much Singapore
makes even with such a small island. The poverty headcount ratio in Venezuela is 33.1% and in
Singapore there seems to be no data of poverty. There will be more poor people in Venezuela too as the
unemployment rate is 6.7% compared to Singapore which is 2.2%. Since Venezuela has an even larger
population, a larger amount of the people will be unemployed compared to Singapore which has a smaller
population.
With the economic system, it seems to be that having a free market will be better for the country.
Especially for Singapore as depends on a lot on their consumers as they make their money by selling their
products that they have bought. If Singapore were to have a command economy, they would be setting
their prices up at a certain price, but if their consumers find it too expensive, they may not buy it from
Singapore and buy from other countries. This will be a very large problem as Singapore greatly depends
on selling their products. This may have been the reason to why Venezuela is not doing very well for
themselves. Including the fact that they have one of the best oil reserves and biggest in the world, they
should be making a lot of money and should be very rich. Venezuela is a country with natural resources
and has a lot of space for infrastructure like factories and other different types of industries like mining
and electrical power generation when Singapore is a very small country without any natural resources.
They also barely have enough space to have as much infrastructure as other countries do. This is another
reason why Singapore has very expensive tax and comprises other features like COE for cars which is
extremely expensive. If Venezuela was able to have a free market economy, they would be selling the
products at prices which will be very attractive to the consumers, especially to the petroleum sector. This
will then make the consumers buy even more and may be a way to get out of the state that they are in
now. Other things could be done in Venezuela like having a more expensive tax, but this would have to
be gradual as there will be a lot of people who will not even be able to pay for the cheap amount of tax
that they are paying now. COE could be added to Venezuela or have a more expensive cost but as said
earlier, this cannot be immediately implemented as there will be people who cannot afford to pay for such
prices.
Venezuela can also be safer than Singapore in some ways. Singapore makes their money and profit off
trade as the trading dock in Singapore is the busiest port in the world having to handle 23.2 million units
in 2005 and is still at a very high rate. If Singapore somehow loses their reputation for their port or people
stop trading with Singapore for reasons like a large malfunction and the port cannot work, this will lose
Singapore millions of dollars and they will plunge into a large amount of debt or loss of money. Whereas
for Venezuela, they have many reserves for oil and this is very good for them as they will have backups
and these are natural resources meaning that they will have a lot stored and could retrieve these things a
lot more easily and faster than if something were to happen to the port in Singapore.
Comparing the educational system and healthcare, it looks like Singapore is a lot more well developed.
Singapore has a much more complicated schooling system but is very efficient. 4.9% of the GDP is used
on healthcare, this is less compared to Venezuela but including the amount that Singapore makes relative
to the size of Singapore, Singapore would need less and therefore works better for Singapore. Taxation is
also a way that Singapore is good at to make money compared to Venezuela. Singapore has a progressive
tax system which is better and I would recommend that for Venezuela because people in Venezuela
would not be able to pay as a fixed amount of tax and it is unequal for rich people and poor people.
As a conclusion, I think that Singapore has a much better political and economical system compared to
Venezuela and we can tell this by the statistics we have accumulated above. Singapore is using their
system in a really smart way and this will help them profit a lot of money. However, if Venezuela has
their economic system similar to Singapores, I think that they would be able to make a lot more money,
especially because they have a great oil reserve for themselves.

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