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by WalterBright 136 days ago
In 1965, Hong Kong tired of being poor and switched to free markets. Their prosperity boomed.

The only consistent correlation with prosperity is free markets.

1 comments

Participation in the global economy != free market. Unless you think China is a free market?
China's economic revolution came about by switching to free markets.
China still have capital control and state-led economy, even if they're smart about it. The state create a market, remove barriers to entry in exchange for oversight , then pick and choose who consolidate and who doesn't once the market leaders emerge. If that's free market to you, everything post-mercantilism is, and the term loose some of it's power.
China did not go full free market. But it went far enough to create a huge prosperity boom.

Note that there's a continuum between communism and free market. It is not all or nothing. Experience, however, shows the more free market it is, the more prosperous it is.