Monday, July 04, 2011

Hong Kong

Hong Kong in the late 1940s:


Hong Kong today:

Among the city's features:
  • No minimum wage until last year
  • Low taxes
  • Free trade
  • Ranked #1 by the Heritage Foundation/Wall Street Journal's Index of Economic Freedom since 1995
  • Ranked #2 by the World Bank's Doing Business report
Result: Between 1961 and 1997 Hong Kong's GDP grew by 180 times while per capita GDP rose by 87 times. From 1950 until the present day Hong Kong's population has increased by almost 5 million people.

We know which economic policies work, but simply choose not to implement them. It's maddening. 

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