You can look into Francis Seow's history and why he eventually turned from LKY's Blue-eyed boy to being exiled.
Same goes for an important part of 1G team (but head the Union instead of join Cabinet) Devan Nair.
When LKY continued to stay on, whilst Hon Sui Sen/S Rajaratnam/Goh Keng Swee/Toh Chin Chye and rest of 1G leaders stepped down for leadership succession plans. SG was already set on the current path we are at now.
He wanted SG's economy to be dominated by SOEs/GLCs, etc. Once he set the blueprint for that, he placed his relatives/families and cronies, etc. in the SOEs/GLCs, etc.
He practically fostered a culture which was unfriendly towards entrepreneurship, thus we had to eventually utilize grants and kept corporate income taxes low for the Big Banks and MNCs, etc. to set up offices here.
But now as our costs dramatically shoot up, due to SGD + our rentier economy structure they also rather just maintain a satellite office here for Asia-Pacific HQ thus they just outsource majority of labour force to other countries in Southeast Asia.
That is why WP's Kenneth Tiong earlier mentioned about our own government and those linked to it being our own SMEs' biggest competitors once they reached a certain size.
https://www.channelnewsasia.com/sin...te-parliament-ai-job-support-last-day-5371521
That is why you see alot of SME owners just sua and bootlick government to become part of their cronies cycle, so thay they can get some left-over bread crumbs (e.g Town Council projects and Hawker Centres' operating groups, etc.).
You see the gap in our creativity and innovation compared with e.g Denmark, whose population even though smaller than us but can produce Novel Prize Winners and world-class enterprises e.g Novo Nordisk, ISS, Maersk and Lego, etc.
He would never expect his own son to be so incompetent, that need to rely on government being the biggest landlord + running a population ponzi scheme to keep on pumping GDP figures.
And now that our Southeast Asia neighbours are starting to buck up, SG is caught in a conundrum especially given our lack of land size (Thus Strategic depth) and natural resources.