SINGAPORE (April 1): Two developments make it imperative that we rethink how governments intervene in the economy. The first is the popular backlash against the market economy around the world: This has reached a point where major countries will make big policy changes and where large corporations will adjust their strategies in ways that will affect us greatly. The second is that these global trends have sparked a growing debate within Singapore itself, where thoughtful voices are pressing for a deep review of the way we set policies — how and what we tax, how much government spending should rise and whether a light-touch regulatory hand really does work.

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