Hong Kong is often voted as having the freest economy and the most capitalist place on earth.
Under the British, Positive non-interventionism was the economic policy of Hong Kong; this policy can be traced back to the time when Hong Kong was under British rule.
It was first officially implemented in 1971 by John Cowperthwaite, who observed that the economy was doing well in the absence of government intervention.
Sir John James Cowperthwaite KBE CMG, (April 25, 1915 â January 21, 2006) was a British civil servant and the Financial Secretary of Hong Kong from 1961 to 1971.
His introduction of free market economic policies are widely credited with turning postwar Hong Kong into a thriving global financial centre.
According to Cowperthwaite:
"In the long run, the aggregate of decisions of individual businessmen, exercising individual judgment in a free economy, even if often mistaken, is less likely to do harm than the centralised decisions of a government; and certainly the harm is likely to be counteracted faster."
Today, 1 in every 14 Hong Konger is a millionaire.
So obviously, a policy of small government and the encouragement of private enterprise has allowed HKG to turn itself from a sleepy fishing village to a world financial centre.
Ironically, the UK itself is part of the big government socialist hell that has enveloped so many European countries.
Why did the British even though they have overseen the success of that very policy in HKG proceeded to implement an absolutely contradictory and disastrous one in their homeland ?
Surely they should have known better than most.
I believe you are referring to a Citibank study that quotes HK dollars and not US dollars.