Description
This DVD shows how the economic transformation of Hong Kong from a modest trading centre to a modern industrial and free-trade economy (prior to China's annexation) came about through a reliance on the market and economic liberty rather than on central planning through governmental direction. Great Britain established the crown colony of Hong Kong in 1841, just 65 years after the publication of "The Wealth of Nations". It was designated a free port from the start, with no duties or protective tariffs for its residents. This DVD takes an in-depth look at the economy of Hong Kong in its final days as a British colony. We see how it was transformed into a modern industrial economy solely by reliance on he invisible hand of the market. Seeing Hong Kong as a laboratory experiment that confirms Adam Smith's theories, the DVD outlines a proven strategy for the development of emerging economies and a powerful argument for a capitalist economy bolstered by balanced budgets, low tax rates, and avoidance of government borrowing.
