Post-war Hong Kong delivered one of the most dramatic improvements in living standards in history, a transformation regarded by Milton Friedman as an experiment in the potential impact of economic freedom on economic growth. This column assesses the contribution of one key official – finance minister Sir John Cowperthwaite – whose laissez-faire approach of ‘positive non-interventionism’, much admired by Friedman, underpinned that success. It also explores, 20 years on from the handover to China, whether a second stage of the Hong Kong economic experiment might be in progress, perhaps leading to faltering freedom and faltering growth.
Paul Romer, 08 October 2018
For many, corruption and political cronyism are seen as an inevitable part of Greek politics. This column argues that the same could have been said in the 1970s about Hong Kong, now a beacon of low corruption. Hong Kong managed this turnaround by appointing a non-elected governor accountable to the UK government. Greece could achieve the same by calling on the EU and start counting the benefits.
Most Read
Vox eBooks
Vox Talks
Events
-
15 - 15 March 2019 / London, Royal Society / UK Network of Environmental Economists (UKNEE)
-
28 - 29 March 2019 / European Central Bank, Frankfurt / European Central Bank and the University of Ohio
-
28 - 29 March 2019 / Paris / SUERF - The European Money and Finance Forum Banque de France (BDF)
-
16 - 17 May 2019 / University of Minho, Guimarães, Portugal / School of Engineering, University of Minho
-
10 - 10 June 2019 / DePaul University, Chicago, IL (USA) / MoFiR and DePaul University
