Nice article about Hong Kong below, written by a friend, Larry Reed, President of the Foundation for Economic Education (FEE) in the US. Slightly shortened, see the original article here. The territory's unilateral trade liberalization policy -- no trade negotiations, no hiring of trade negotiators and bureaucrats with frequent travels, no finger-pointing of who caused the collapse of trade negotiations -- is a major factor for its fast growth and stable development. In addition, its lowtaxes, or absence of tax on certain transactions, attracted more businesses, which created more jobs. Businesses bidding up for more workers, so wages keep rising even if HK has no minimum wage law for many decades then.
Free Trade 29: ASEAN and Education Competitiveness, November 16, 2013
Business 360 8: TPP, RCEP, SAARC and Free Trade, June 17, 2013
Free Trade 30: BIPOR and APTIR, January 03, 2013
Free Trade 31: FTAs, EPAs and the Heckscher-Ohlin Theorem, January 10, 2014
John Cowperthwaite, Statistics and Central Planning, January 23, 2014