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Related: Editorials & Other Articles, Issue Forums, Alliance Forums, Region ForumsIs Hong Kong really the world's freest economy? (BBC challenges Heritage Foundation ranking)
Hong Kong has been ranked as the world's freest economy for the past 17 years, a title bestowed on it by the Heritage Foundation, a conservative Washington think tank.
The city's advocates praise the former British territory's low tax rates, lack of trade tariffs, thriving financial markets and small government.
And Hong Kong is widely expected to retain the top spot when the Heritage Foundation releases its 2012 rankings on Thursday.
But the city's free-market credentials have long masked a more complicated picture than its model economy status suggests and recent moves, such as the introduction of a minimum wage, have renewed debate on whether Hong Kong is abandoning its laissez-faire roots.
"Although we deviate less from the laissez-faire model than other countries, our government is increasingly adopting a nanny state mentality," says Peter Wong, executive director of the Lion Rock Institute, a free-market think tank.
full: http://www.bbc.co.uk/news/business-16501894
Next thing you know, Reagan will sign a tax increase. Oh wait...
dameocrat67
(475 posts)so it is understandable neoliberals at the bbc and the heritage foundation would view it as admirably free.
http://articles.cnn.com/2009-10-28/world/cage.homes_1_hong-kong-chung-social-workers?_s=PM:WORLD
http://www.weirdasianews.com/2009/11/21/hong-kong-citizens-living-cages-literally/
David__77
(23,372 posts)It was her majesty's empire that made it a free market cesspool of crime and exploitation.
Mudoria
(2,838 posts)or the 300 threatening too soon. With Labor protections like that.......
David__77
(23,372 posts)Instituting a minimum wage was only a tiny start, bringing them into the 20th, not the 21st century.
pampango
(24,692 posts)Unfortunately the US is ranked #1 in "labor freedom" (weak/no unions) (after excluding Afghanistan, Iraq, Somalia and Sudan which had no rating). Ouch!
Europe also ranks at the bottom in "fiscal freedom" (low taxes) with Sweden, Denmark and Belgium the top 3. The same is true with "government spending" with Denmark, Belgium and Austria as the top 3. Europe does place 20 out of the top 25 in "trade freedom". (Canada is 7th and the US is 37th.)
The Heritage Foundation is about as conservative as you can get. Their "freest economy" rankings look like that they can be useful if you use them in reverse. The really progressive countries score very low in many of their categories, so that it what you have to look for.
http://www.heritage.org/Index/explore