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Originally Posted by Black Peter
First, i said that i'm a fan of regulated capitalism. You're adding the "heavily" and "welfare" as a strawman, because you have no other way of winning this argument without making up stupid things.
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Originally Posted by Black Peter
Hong Kong is not a country.
Like Singapore, it employs a system of heavily regulated capitalism with extensive social programs and welfare. I'm glad to see that you're a fan of social programs and welfare.
First, clearly you are getting emotional about your utopia, because you can't even remember what you wrote. Second, economists regarded HK before being transferred over back to the Chinese to be an experiment in laissez-faire capitalism. You'll have to give a citation to convince me that it was governed at all like the UK, or that Hong Kong is Singapore, etc.
http://www.hoover.org/research/hong-kong-experiment
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HONG KONG AND BRITAIN
The difference in the economic policies followed by Hong Kong and Britain was a pure accident. The colonial office in Britain happened to send John Cowper-thwaite to Hong Kong to serve as its financial secretary. Cowperthwaite was a Scotsman and very much a disciple of Adam Smith. At the time, while Britain was moving to a socialist and welfare state, Cowperthwaite insisted that Hong Kong practice laissez-faire. He refused to impose any tariffs. He insisted on keeping taxes down.
The point is that "heavily regulated capitalism" with "welfare" and "social programs" is EXACTLY the mentality that led to Democrats like Barney Frank, Chris Dodd, etc. and Republicans to get on board with a home for everyone, which is how the bubble caused by low interest rates from the Federal Reserve manifested itself. Now, you may not like that example, and would rather paint a different picture by claiming Hong Kong is "heavily regulated capitalism", but you know, whatever. You're dream world is a real-life nightmare.
Lol, strawman, whaaaatever.