THE LAND QUESTION: THE POLITICAL ECONOMY OF LAND IN SINGAPORE

Abstract

The question of ownership of land as private property has plagued philosophers and economists alike since the earliest times. Today, the right of the State vis-a-vis the private landowner with respect to his land rears its head in the increasing public ownership of land with a consequential increase in the degree of centralised control. The theory of rent gave a new impetus to the call for land reform against feudalistic landlords while today the same argument is used as a justification for the taxation of economic returns to land as a source of revenue and the redistribution of wealth. Finally, modern town planning causes unjust detriment to one landowner while fortuitously enriching another. This is even further complicated by the high cost of providing public infrastructure and land for housing that has tempted governments to discriminate against landowners in the compulsory acquisition of land. At the same time whatever economic measures are taken against landowners must not prejudice the timely release and adequate supply of land in the name of good town planning. The above are three global issues that have beset governments in their search for a just but yet feasible solution to the taxation and control of land resources. While many possible courses of action have been suggested and implemented, the universality of their application failed because of political and economic circumstances. ?The Land Question' examines these issues briefly in turn and considers their relevance and significance to land policy in Singapore both explicitly in legislation and implicitly in the practice of national estate management. The adequacy and appropriateness of policy measures must be assessed with knowledge of the fundamental economic and philosophical issues pertaining to the place of land in society in general and the particular political-economic climate of Singapore.