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Hong Kong’s Basement-Gate Points to Shaky Future
William Pesek, Bloomberg
Capitalism |
Syndicated |
The way the laissez-faire crowd gushes over Hong Kong has always been a bit surreal. It’s routinely ranked the freest economy anywhere thanks to its low taxes, unrestricted entry of foreign capital and rule of law. The Ayn Rand set has tended to ignore some of Hong Kong’s other qualities, including a pegged currency, a state-backed Disney theme park, an oligarch economy ruled over by a handful of billionaires like Li and a leader anointed by officials in Beijing.
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