Positive non-interventionism was the economic policy of Hong Kong during British rule. Hong Kong ( officially the Hong Kong Special Administrative Region, is a territory located on China 's south coast on the Pearl River Delta, and borders The United Kingdom of Great Britain and Northern Ireland, commonly known as the United Kingdom, the UK or Britain,is a Sovereign state located It was first officially implemented in 1971 by John James Cowperthwaite, who observed that the economy was doing well in the absence of government intervention. Sir John James Cowperthwaite KBE CMG 郭伯偉爵士 April 25[[ 915]] &ndash January 21[[ 006]] was Financial Secretary of The public sector is the part of economic and administrative life that deals with the delivery of goods and services by and for the Government, whether national Regional The policy was continued by subsequent Financial Secretaries, including Sir Philip Haddon-Cave. It is considered a fairly comprehensive implementation of laissez-faire policy. Laissez-faire ( pronunciation: French,; English,) is a French phrase literally meaning Let do (“allow to do”
First-hand explanation
According to Cowperthwaite:
"In the long run, the aggregate of decisions of individual businessmen, exercising individual judgment in a free economy, even if often mistaken, is less likely to do harm than the centralised decisions of a government, and certainly the harm is likely to be counteracted faster. A businessperson (also businessman or businesswoman) is someone who is employed at usually a profit-oriented enterprise, or more specifically someone Freiwirtschaft ( German for free economy) is a Libertarian economic Idea founded by Silvio Gesell in 1916 "
According to Haddon-Cave:
"positive non-interventionism involves taking the view that it is normally futile and damaging to the growth rate of an economy, particularly an open economy, for the Government to attempt to plan the allocation of resources available to the private sector and to frustrate the operation of market forces"
Haddon-Cave goes on to say that the "positive" part means the government carefully considers each possible intervention to determine "where the advantage" lies, and although usually it will come to the conclusion that the intervention is harmful, sometimes it will decide to intervene. An open economy is an Economy in which people, including Businesses can trade in goods and services with other people and businesses In Economics, the private sector is that part of the economy which is both run for private Profit and is not controlled by the State.
This policy means that the government had to respond when industries with social obligations ran into trouble and when an institution needed regulation to prevent inequitable practices. For other uses of this term see Industry (disambiguation An industry (from Latin industrius, "diligent industrious"
See also
External links
- Big Market, Small Government - by Donald Tsang, Chief Executive of Hong Kong
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