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Goh Keng Swee

Goh Keng Swee}} (6 October 1918 – 14 May 2010), born Robert Goh Keng Swee, was a Singaporean statesman and economist who served as 2nd Deputy Prime Minister of Singapore between 1973 and 1985. Goh is widely recognised as one of the founding fathers of Singapore. He was also one of the founders of the People's Action Party (PAP), which has governed the country continuously since independence.

Goh was a prominent member of the country's first generation of political leaders after Singapore became independent in 1965. He served as Minister for Finance between 1959 and 1965, and again between 1967 and 1970, Minister for Interior and Defence between 1965 and 1967, Minister for Defence between 1970 and 1979 and Minister for Education between 1979 and 1985.

As Minister for Interior and Defence, Goh's main objective was to strengthen the country's military and domestic security capabilities after the British had withdrawn its troops from Singapore, which made the newly-independent nation vulnerable. A key policy was the creation of National Service (NS), a mandatory conscription system for able-bodied young males. Prime Minister Lee Kuan Yew had mentioned that he had wanted a conscription consisting both men and women similar to Israel. However, Goh rejected it, citing that the labour cost at least in its initial years would be too great for the newly-independent nation.

During Goh's tenure as Minister for Finance, he declined to allow the central bank to issue currency, favouring instead a currency board system as this would signal to citizens, academics and the financial world that governments cannot "spend their way to prosperity"; the Monetary Authority of Singapore (MAS) was later established in 1971. In 1981, Goh also expressed the view that the central bank need not hold large amounts of cash in reserve to defend the currency, proposing that the Government of Singapore Investment Corporation (GIC) be established to invest excess reserves. At the time, it was unprecedented for a non-commodity-based economy to have such a sovereign wealth fund, and was initially seen as a risky venture that eventually paid dividends. The multinational merchant bank, Rothschild & Co, had also advised on the GIC during its early years. Goh died in 2010 at the age of 91, and he was accorded a state funeral. Provided by Wikipedia