during my many visits to Hong Kong, I encountered many people from many lands all living and working together in peace and prosperity. According to Chinese observers, the reason is:
The important role that the city of Hong Kong has played in the economic development of the mainland in the past 30 years or so has been widely attributed to the city government's guiding economic principle of positive non-interventionism - or small government, big market.
Keep in mind the mainland observer is referring to a mere 30 years, in a territory with a 250 year run of free markets. But then the observer says
But since then, Hong Kong has made the successful transition to a service-based economy, supported mainly by the capital-intensive, rather than labor-intensive, property and financial sectors. As a result, the people in control of large capital assets have got richer while the majority of residents have been denied their fair share of the economic fruit. As the trickle-down of wealth is largely blocked, more and more people in the Hong Kong special administrative region are now feeling betrayed by the principle of small government, big market.
O dear! I hope not, because if they raise taxes and do wealth transfers, the game is over. If so, not what killed the Golden Goose: the financial sector. Yes, as we see over and over, usury kills freedom.
Please feel free to share this post with three of your friends.
The important role that the city of Hong Kong has played in the economic development of the mainland in the past 30 years or so has been widely attributed to the city government's guiding economic principle of positive non-interventionism - or small government, big market.
Keep in mind the mainland observer is referring to a mere 30 years, in a territory with a 250 year run of free markets. But then the observer says
But since then, Hong Kong has made the successful transition to a service-based economy, supported mainly by the capital-intensive, rather than labor-intensive, property and financial sectors. As a result, the people in control of large capital assets have got richer while the majority of residents have been denied their fair share of the economic fruit. As the trickle-down of wealth is largely blocked, more and more people in the Hong Kong special administrative region are now feeling betrayed by the principle of small government, big market.
O dear! I hope not, because if they raise taxes and do wealth transfers, the game is over. If so, not what killed the Golden Goose: the financial sector. Yes, as we see over and over, usury kills freedom.
Please feel free to share this post with three of your friends.
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