How is it possible for a small piece of land with a high population density and without any resources able to provide maximum economic benefits for the majority of its citizens, without welfare or socialism? Simple. It’s called Capitalism. Free trade and free markets.
Capitalism is the only model of economic freedom that could have done this. It is plain for all to see. It has transformed Singapore into a beacon of prosperity. By 205o, based on Singapore’s projected economic growth, they are expected to become the richest people on Earth with income exceeding US$130,000 per capita.