The Freest Market in the World: The Constitutional Logic of Economic Liberty in China's Hong Kong

This book examines the Hong Kong Basic Law as an economic document on the 25th anniversary of its establishment. It explores the free market constitutionalism that underpins Hong Kong's economic liberty and evaluates its impact on the economy. It also discusses the future of Hong Kong's free market constitutionalism in the face of challenges.

Format: Hardback
Length: 176 pages
Publication date: 22 February 2023
Publisher: Taylor & Francis Ltd

On the auspicious occasion of the 25th anniversary of the establishment of the Hong Kong Special Administrative Region (HKSAR) of the People's Republic of China, we present the first comprehensive monograph on the Hong Kong Basic Law, examining it from an economic perspective. The Basic Law, authored by Gonzalo Villalta Puig and Eric C. Ip, encapsulates the essence of "free market constitutionalism," which represents the guiding logic of Hong Kong's economic liberty as the freest market economy globally. This scholarly work, the result of extensive research spanning several years with financial support from the General Research Fund of Hong Kong's Research Grants Council, delves into the public choice rationale underlying the Basic Law and its implications for the Hong Kong economy. With a particular focus on policy development in economic liberty both internally and externally, the book aligns with the constitutional political economy tradition of James M. Buchanan. It begins by conceptualizing free market constitutionalism in Hong Kong, tracing its historical roots back to the 19th-century classical liberal common law and its evolution into a Hayekian laissez-faire convention under British colonial rule. This concept was subsequently codified into the Basic Law and is interpreted and applied by the various branches of the HKSAR government. The book concludes with insightful remarks on the future of Hong Kong's free market constitutionalism as we approach the year 2047, coinciding with the 50th anniversary of the "unchanged capitalist system" under the Basic Law.

This book is a valuable resource for students, scholars, and practitioners in law, economics, political science, and public administration. It holds particular appeal to those with interests in Hong Kong law, international economic law, and comparative constitutional law. By exploring the economic dimensions of the Hong Kong Basic Law, this book sheds light on the intricate interplay between legal frameworks, economic principles, and societal development. It provides a comprehensive analysis of the legal principles governing Hong Kong's economic system, offering insights into the historical, political, and economic factors that have shaped its evolution. Moreover, the book's examination of the public choice rationale behind the Basic Law and its impact on the Hong Kong economy offers valuable perspectives on the principles of governance and policy-making in a free market context.

In conclusion, this book serves as a groundbreaking contribution to the study of Hong Kong law and economics. It offers a comprehensive and insightful examination of the Hong Kong Basic Law, providing valuable insights into its economic implications and its role in shaping Hong Kong's development as a global economic hub. It will undoubtedly appeal to a wide range of readers and contribute to the ongoing discourse on legal, economic, and political issues in Hong Kong and beyond.

Weight: 540g
Dimension: 234 x 156 (mm)
ISBN-13: 9780367357078