Mirrored from Reddit, not my work. Source: https://teddit.net/r/InformedTankie/comments/hfgup4/analysis_of_hong_kong_the_second_most_free/

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according to the heritage foundation (a conservative think tank) Hong Kong is ranked number to and in other rankings is ranked number 1 in economic freedom and how they go about classifying these nations is i quote:

"We measure economic freedom based on 12 quantitative and qualitative factors, grouped into four broad categories, or pillars, of economic freedom:

  1. Rule of Law (property rights, government integrity, judicial effectiveness)
  2. Government Size (government spending, tax burden, fiscal health)
  3. Regulatory Efficiency (business freedom, labor freedom, monetary freedom)
  4. Open Markets (trade freedom, investment freedom, financial freedom)"

so lets see how this mostly “ideal capitalism” serves the people.

first of all Hong Kong has one of the biggest wealth disparities and is still growing (image source). Hong Kong’s gap between the rich and the poor is at its widest in nearly half a century.

rich Hong Kong people live here (image source) all whilst a typical Hong Kong resident lives here (image source), some nice economic freedom. if you want a good illustration of average living space look here:

(Image source)

Nearly one in five people living in poverty. With a minimum wage of $4.82 an hour. again, some nice economic freedom.

all whilst it has the The longest working hours in the world, and even with the best counter arguments still have some of the longest working hours in the world.

They also boast the highest rent prices in the world.

The average home in Hong Kong also costs 20 times the median salary:

(Image source)

It would take the average Hongkonger today more than 18 years, using all their salary, to buy a flat of less than 500 square feet, according to the affordability survey by Demographia.

Average living space for Hong Kong’s poorest residents same as that of prisoners

250,000 people are waiting to be let in to public housing because the second most free economies private sector has failed them.

Corporate tax in Hong Kong is among the lowest for major global cities. but it helps nobody but the rich. the largest wage increase was when a statutory minimum was put in place.

Hong Kong’s about half of Hong Kongs flats cost 70% of the median income.

recently Hong Kong hit its highest poverty level in a very long time. very nice economic freedom.

The top 10 percent in Hong Kong earn 44 times more than the lower 10 percent in the city.

Hong Kong came dead last for customer ‘smiling index’. this my friends is what its like being a clog in a machine. excerpt from scmp:

“Having to spend an average of nine hours a day at work, on top of three hours commuting between her home and the office, Chow, who is in her 40s, still manages to see the brighter side of life.”

this was a small analysis using a bit of resources but it goes to show even being the the “second most free nation” doesn’t really make anyone anymore happy, or improve the standard of living compared to countries with heavy intervention. my next post will be on Singapore, the most “free” place on earth.