Walter Williams: Free Markets Are Key To Global Prosperity

Hong Kong cc

This op-ed from Walter Williams comes the same week that the World Bank has proclaimed publicly that it “will end extreme poverty by 2030.” If the institution wants to end such human desperation it would be wise to encourage the rule of law and free markets (and free prices).

(From Investor’s Business Daily)

A real-world example that Gaza might follow is that of Hong Kong. At the time of liberation from Japanese control in 1945, Hong Kong was a poor colony of Great Britain.

Geographically, Hong Kong is little more than a rock off the coast of China with few natural resources. Hong Kong’s wealth was its plentiful supply of cheap labor, which attracted many foreign manufacturing firms.

Hong Kong’s experience of going from a Third World colony in 1945 to having a gross domestic product per capita that ranks among the world’s 10 highest in 2015 can serve as a useful blueprint for both Gaza and poor countries around the world.

The basic ingredients for Hong Kong’s progress were not foreign aid and other handouts from Western nations but instead law and order and a free market. A similar story can be told about Singapore. Both rank in the top 10 in wealth and the top two in economic freedom.

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