Milton Friedman commented Hong Kong is a model of free market and laissez-faire system? Why? Please...
Milton Friedman commented Hong Kong is a model of free market and laissez-faire system? Why? Please explain it.
Homework Answers
Milton Friedman is an prominent American economist who won the prestigious Nobel Prize in Economics in the year 1976. Here the Laissez-faire theory states that the transaction between the prive individuals in the absence or less government regulations and interventions in the form of subsidies, tariffs and the things like that.
Milton Friedman commented that Hong Kong is a model for free market and Laissez-faire system because the government has introduced the policy of "Positive non-interventionism". Through which the government control has reduced to the minimum or the controls are taken away. This gives an environment of free market. Now the government is on the way to the "big market and small government". With this they try to abolish the complete government control over the market, which leads to the Laissez-faire system. That's why Friedman commented Hong Kong for the existence of free market and Laissez-faire system.
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Milton Friedman commented Hong Kong is a model of free market
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