Even among the higher income economies of this group, where female wages are no longer so central to export competitiveness, the combined threat of import leakages and capital outflows when wages rise is conducive to a profit-led growth regime. In smaller SIEO economies, these effects are more dominant. However, the extensive investments in education and health, both public and private, that are associated with developmental welfare states and the East Asian model weight these economies towards a more wage-led, altruistic growth regime in their emphasis on long-term investments in human capacities. We can see this result reflected in Figure 2-1C, where the extent of investments in human capacities put the Republic of Korea and Singapore in the strong caring spirits category.