March 19, 2007

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Nice piece in The Standard on the impact of "urban renewal" on existing economies. The two sides of the arguement are simple to summarise: on one hand, you can't stop progress; on the other, why detroy local economies that clearly work. The first implies there is a market failure, but it's hard to see how the market has failed if local areas effectively develop their own specialisation that works to consumers and businesses advantage. But of course if it doesn't work to the property developers' advantage, that's a problem in "free market" Hong Kong.

posted by Simon on 03.19.07 at 12:42 PM in the Hong Kong category.


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