Deputy Prime Minister Mr Tharman Shanmugaratnam said at a conference on global power shifts at the Lee Kuan Yew School of Public Policy, that the rising ‘despondency’ about globalisation may be changing the way the world works. He added that the only surprise is how long it has taken for underlying domestic changes in the society to be reflected in politics.

Outlining the four trends that have contributed in the power shifts – stagnant wages; decline in social mobility; loss of sense of togetherness in society and also the mentality of “us against them”; and an increasingly polarised political landscape, Mr Tharman also shared possible solutions for governments to tackle these issues.

He said that it was important for governments to respond to these shifts through domestic policies such as reinvesting in citizens, “regenerating their careers” and “regenerating the politics of the centre”. Mr Tharman also emphasised that it is important to return to politics that are honest with the people.

Mr Tharman said, “What politicians say does influence how people think. And unfortunately, it is a new phenomenon in the social media… We have to get politics that is honest, that tells people what’s what, but offers them hope, because there are real solutions that are available. There are real solutions, and those are the solutions that the politics of the centre can focus on and bring back confidence.”

Watch highlights from the speech

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Video credit: Lee Kuan Yew School of Public Policy