<Li> National planning for industrial development . </Li> <Li> Demand management in a Keynesian fashion to help ensure economic growth and employment . </Li> <P> Various state capitalist economies, which consist of large commercial state enterprises that operate according to the laws of capitalism and pursue profits, have evolved in countries that have been influenced by various elected socialist political parties and their economic reforms . While these policies and reforms did not change the fundamental aspect of capitalism, and non-socialist elements within these countries supported or often implemented many of these reforms themselves, the result has been a set of economic institutions that were at least partly influenced by socialist ideology . </P> <P> Singapore pursued a state - led model of economic development under the People's Action Party, which initially adopted a Leninist approach to politics and a broad socialist model of economic development . The PAP was initially a member of the Socialist International . Singapore's economy is dominated by state - owned enterprises and government - linked companies through Temasek Holdings, which generate 60% of Singapore's GDP . Temasek Holdings operates like any other company in a market economy . Managers of the holding are rewarded according to profits with the explicit intention to cultivate an ownership mind - set . </P>

Who makes the economic decision in our country