In 1955 he formed the People’s Action Party, a democratic socialist organization, which under his leadership dominated politics in Singapore from the late 1950s. He led Singapore as a component state of the newly formed Federation of Malaysia in 1963, and then as a fully independent republic. His policies developed along increasingly authoritarian socialist lines. They centred on the establishment of a one‐party rule and a free‐market economy, tight government planning, and a hard‐working population supported by an extensive social welfare system. The result was one of the world’s most successful economies. He resigned as Prime Minister in 1990 but remained a senior minister in government until 2011.