From a small colony of the British Empire to a highly innovative economically free country, Singapore has traveled a long journey to reach this point in the economy. Since independence, it started to show a spectacular level of growth and advancement. The main reasons behind this were skillful government decisions and good governance. With an initiative to create a nation free from corruption and dishonesty, Singapore opened the door for many opportunities. This paper will clarify the type of economy of Singapore and its variations throughout the development phases. The research raises a question about whether a certain type of capitalism guarantees economic growth. Singapore having an extensive government intervention managed to be one of the most economically free economies. Its example shows that one aspect of the economy doesn’t define the rest.