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: Paperback / softback
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 academic tradition of James M. Buchanan's constitutional political economy.

In the opening chapter, the book establishes a conceptual framework for free market constitutionalism in Hong Kong. It traces the historical roots of this concept back to the 19th-century classical liberal common law, explores its evolution under British colonial rule into a Hayekian laissez-faire convention, and examines how it was codified into the Basic Law and interpreted and applied by the branches of the HKSAR government.

The subsequent chapters delve into the economic implications of the Basic Law. The book analyzes the role of the free market in promoting economic growth, efficiency, and innovation in Hong Kong. It explores the mechanisms through which the Basic Law fosters competition, encourages private enterprise, and safeguards property rights, thereby fostering a business-friendly environment. The book also examines the challenges and opportunities posed by Hong Kong's integration into the global economy, including the impact of trade agreements, foreign investment, and technological advancements on the local economy.

In the closing chapter, the book reflects on the future of Hong Kong's free market constitutionalism as the year 2047 approaches and the 50 years of the "unchanged capitalist system" under the Basic Law come to a close. It examines the potential threats and challenges facing Hong Kong in the coming decades, such as economic inequality, political instability, and environmental concerns. The book offers insights into how Hong Kong can navigate these challenges while maintaining its economic prosperity and preserving its unique political and legal system.

This book is a valuable resource for students, scholars, and practitioners of law, economics, political science, and public administration. It provides a comprehensive and insightful analysis of the Hong Kong Basic Law from an economic perspective, shedding light on its historical roots, theoretical foundations, and practical implications. The book will appeal to those with an interest in Hong Kong law, international economic law, or comparative constitutional law, as well as those who are passionate about understanding the dynamics of economic development and governance in the global context.

Weight: 322g
Dimension: 234 x 157 x 15 (mm)
ISBN-13: 9781032419718