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> all the Asian miracles-- Japan, Taiwan, China, South Korea, Singapore-- involved heavy and widespread state intervention. Hong Kong didn’t. Counter example d
by barry-cotter 1y ago
> all the Asian miracles-- Japan, Taiwan, China, South Korea, Singapore-- involved heavy and widespread state intervention.
Hong Kong didn’t. Counter example disproves rule.
It’s really not surprising that people followed a successful model, given that people are fashion followers. See how there was so little variation in COVID response across countries.
- barry-cotter 1y agoPoland also didn’t and it’ll surpass Japan in GDP per capita this year.
- jordanb 1y agoHong Kong operated as a highly independent special economic zone for doing business in China (at it was very close to the Shenzhen SEZ). Its success was due to the way China partially opened up, and the role it played as a crossroads into China.
- barry-cotter 1y agoIn 1980 when the Shenzhen Special Economic Zone was founded Hong Kong had a GDP per capita of $5,700 as compared to $8,400 for the UK. Hong Kong was a first world country before China opened up for trade. Shenzhen was a fishing village of approximately 30,000 people. Hong Kong was a city state of 5 million. China didn’t become Hong Kong’s main source of imports until 1982.
- nl 1y agoHK wasn’t an “Asian Miracle”. It was a trading hub with the benefit of being a British protectorate. That’s very different to the other named countries which built industrial bases.
- DrNosferatu 1y agoHong Kong could only be Hong Kong because others could not: its place as a gateway to China was the driver for economic growth, not the “correctness of neoliberal economic ideas”.