World history has repeatedly demonstrated how a single decision can change the fate of entire countries. This could be a change in government, strategic decisions on cooperation, or reforms of entire industries. Not all ideas and reforms, even the most well-thought-out in theory, have led to success. Often, implementation fails, and the consequences are devastating. But there are examples when everything came together as a single mechanism, and competent reforms turned economic outsiders into leaders. It is worth learning from such examples.
Dubai: real estate without borders
Among all highly liquid assets, real estate overseas has always been at the top of the list, and Dubai has created conditions to make its offering a magnet for investors. In 2002, the emirate’s authorities revolutionized the real estate sector. Freehold zones were created, where foreigners were given the right to 100% ownership of real estate. Prior to this, only citizens of the country could buy real estate in the UAE. The effect exceeded all expectations. Landmark projects such as Palm Jumeirah and Burj Al Arab appeared. Entire new districts such as Dubai Marina, Downtown Dubai, and Business Bay emerged. Today, more than 500 residential complexes are under construction in the emirate, and the volume of investment in real estate reaches billions of dollars annually.
Singapore: a new financial center
In the 1960s, Singapore was a small port with high corruption and a weak economy. Lee Kuan Yew launched a program of radical reforms: he created an independent judicial system, attracted foreign investment through tax incentives, and invested in education and infrastructure. A key decision was to create special economic zones for multinational corporations. Singapore offered low taxes, a skilled workforce, and a stable legal system. The result: in 50 years, GDP per capita grew 100-fold.
Estonia: digital breakthrough
After the collapse of the USSR, Estonia chose an unusual path of development. In the 1990s, the authorities launched a program to digitize the state. By 2000, the government had completely switched to electronic document management. Estonia created a digital citizenship system, allowing foreigners to access Estonian public services online. Today, 99% of government services are available online, and the country has become home to Skype, Wise, and hundreds of other technology companies.
Ireland: Tax Magnet
In the 1980s, Ireland was one of the poorest countries in Europe. The government made a bold decision: to reduce corporate tax to 12.5%, one of the lowest in the world. The effect was immediate. Major multinational corporations began to move their European headquarters to Ireland. Google, Apple, Facebook, and Microsoft established their regional centers here. In 30 years, GDP per capita grew sixfold.
South Korea: betting on education
After the war in the 1950s, South Korea was devastated. The government bet on human capital: it invested heavily in education, created state support programs for technology companies, and attracted foreign investment. The support of large family conglomerates played a special role. The state helped them enter global markets and provided them with preferential loans. The result: Samsung, LG, and Hyundai became global brands, and South Korea became a technological leader.
