PS on Hong Kong:
One usually hears about how there is no
minimum wage, little business regulation, and
low taxes in Hong Kong, its claim to being a
laissez faire capitalist "paradise." However
besides some garden variety government activities
such as education, infrastructure investment, and
increasing social redistribution, the most curious
"socialist" element in Hong Kong is that land is
nationalized (yes!). Real estate operates on
long term leases. Of course the "nation" in
question is the UK, but this is one aspect of the
transition to PRC control which will be considerably
eased. Despite its laissez faireness, Hong Kong
has a considerably more equal distribution of income
than does the US, again due to more egalitarian wages.
Barkley Rosser
James Madison University
