To put it into perspective Its a business model Lee kuan yew sold and was successful, just like apple and Nokia who made huge profits selling their smartphones in the 90s and 2000s respectively. These companies sold the the idea of smart technology Aka handphones and smartphones that could revolutionize the world. But the idea soon became copied by others and its no longer a miracle but everyday household item now . The same with PAP. However while apple kept itself afloat with a unique telco business model tie-up, nokia went downhill.Its just selling and idea, concept or illusion.
There is an expression that is often used in sales: “You are only as good as your last deal.” What is meant by that is that management has a short-term memory and no matter how good you were in the past, they are focusing on what you can do for them right now.