Keep money out of politics, or else people with more money will have more influence: SM Lee

Senior Minister Lee Hsien Loong took part in a dialogue at the ISEAS-Yusof Ishak Institute’s annual Regional Outlook Forum (ROF) on Jan. 8, where he answered questions from the audience.

He was asked how governments can implement guardrails and frameworks to ensure proper accountability and oversight, in an age where unelected “tech titans and their trillion-dollar companies” were able to wield vast amounts of political influence.

The questioner referenced such tech titans’ ability to use their control of social media to impact societies across the globe.

Keep money out of politics

“The first thing to do is to keep money out of politics,” SM Lee replied.

“Because if your politics depends on money, then the people with more money will have more influence on your politics.”

Singapore, he said, had tried very hard to keep money out of politics, citing policies such as the spending limit imposed on those seeking election, and not allowing political advertisements.

He acknowledged that politicians are now able to boost posts on social media, but were still required to track and limit such spending.

Because of this, “politics is contestable”.

"True masters"

“People who are elected are not beholden to their sponsors”, and governments would be able to respond to their “true masters”, the electorate.

That government will then pass and implement policies that reflect the interests of the population and the country.

Should those policies affect entrepreneurs and businesses, “well, so be it”, SM Lee said.

But the “politics holds, and the policies will stand”.

Yesterday's anathema, tomorrow's doctrine

If politics were dependent on money from wealthy companies, “you will find your MPs melting on you”.

Then older arguments would be found to be “no good”, with new arguments becoming more persuasive.

“And then, well, things which previously were anathema have now become doctrine.

“And I think that that would be very dangerous for Singapore," SM Lee said.

Top image via Mothership & AFP