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January 06, 2006
You are on the invidual archive page of Somalia tops Hong Kong. Click Simon World weblog for the main page.
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Somalia tops Hong Kong
Hong Kong is declared again the world's freest economy by the Heritgae Foundation, a group that clearly has never been here. Jake van der Kamp says it best: Coming right down to it, Somalia is the world's freest economyA city largely run by oligarchs doesn't meet most defintions of economic "freedom". posted by Simon on 01.06.06 at 08:49 AM in the Hong Kong economy category.
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Same oligachy different oligarchs, Hong Kong has never experienced real democracy, Hong Kong now is more or less the same as before 1997 when it was ruled under the appointed British governorship. posted by: David on 01.06.06 at 11:35 AM [permalink]David, that seems a rather defensive statement that is rather oblique to Simon's point - I am sure he does not dispute that the British ran Hong Kong in the same way. It just is rather amusing how the Heritage Foundation and Milton Friedman always cite Hong Kong as being so economically 'free' when there really are monopolies and oligopolies and government corporations in Hong Kong everywhere you look. And in Hong Kong, the government is the greatest land speculator of all... posted by: HK Dave on 01.06.06 at 04:09 PM [permalink]i guess the heritage scoring is based on what the govt does (to control economy). but, indeed, real anarchy like somalia should be the freest. favorable economic environement should include both freedom and fair protection of ownership and contract obligation/etc, on top of anarchic laissez faire posted by: sun bin on 01.06.06 at 05:18 PM [permalink]HKDave, Don't get me wrong, I didn't disagree with Simon but during the whole 90S, Hong Kong always scored as the freest economy in the world, even when the government was not really that "free". I also agree that, "And in Hong Kong, the government is the greatest land speculator of all..." however, the Hong Kong Government always prevaricated that they had nothing to do with the inflated land prices in the 80s and 90s. posted by: David on 01.07.06 at 01:13 PM [permalink]Actually, Singapore has not achieved anything near classic communism, as it, like HK, is dominated by government monopolies allied with foreign big business. And as would probably be frowned on in classic communism, resource allocation in Singapore is highly irrational, controlled as it is by bureaucrats with no idea what they're doing. Also, there is virtually no social security / welfare net in Singapore, despite an extremely high rate of direct, indirect and hidden taxation by the government. True, there is extensive provision of public housing, but the cost of said housing to Singaporeans is hugely inflated by an extortionate array of government property, land and transaction charges, not to mention the extremely opaque tendering system by which building contracts for public housing estates are awarded. Public housing in Singapore is not a realisation of Marxist / communist ideals in their purest form; it is merely a salve to keep the populace from rebelling against the status quo established by the coalition of bureaucrats and big business. posted by: Fat Singapore Talentless Expat on 01.07.06 at 06:22 PM [permalink]The private sector surely is doing it's part in Somalia: telecommunications, water, electricity even the justice system. All without government.: "Somalia has lacked a recognized government since 1991—an unusually http://rru.worldbank.org/Documents/publicpolicyjournal/280-nenova-harford.pdf There is something to be said for putting Somalia high on the index. posted by: ivan on 01.07.06 at 08:06 PM [permalink] |
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