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True Heroes of Capitalism:
The Greatest Leader the
World Has Never Known
You've probably never heard of Sir John Cowperthwaite. And he would have liked it that way. Sir Cowperthwaite was Hong Kong's financial secretary from 1961-1971.
He didn't try to prop up the stock market. He didn't try to goose real estate prices. He didn't take credit for "creating" jobs or try to flood the economy with easy money. In fact, he didn't do much of anything at all. And that was the secret to his success.
He called it "positive nonintervention." Low personal taxes with a ceiling of 15%. No government borrowing. No tariffs, no subsidies. So little red tape, you could start a business by filing a one-page form.
Exports soared 14% per year. Real wages shot up 50%. Poverty fell nearly 70%. And Hong Kong, a tiny, overcrowded island with no natural resources, fast became one of the freest, most successful markets in the world.
The lesson is simple: Money goes where it gets treated best.
True Heroes of Capitalism:
The Greatest Leader the
World Has Never Known
You've probably never heard of Sir John Cowperthwaite. And he would have liked it that way. Sir Cowperthwaite was Hong Kong's financial secretary from 1961-1971.
He didn't try to prop up the stock market. He didn't try to goose real estate prices. He didn't take credit for "creating" jobs or try to flood the economy with easy money. In fact, he didn't do much of anything at all. And that was the secret to his success.
He called it "positive nonintervention." Low personal taxes with a ceiling of 15%. No government borrowing. No tariffs, no subsidies. So little red tape, you could start a business by filing a one-page form.
Exports soared 14% per year. Real wages shot up 50%. Poverty fell nearly 70%. And Hong Kong, a tiny, overcrowded island with no natural resources, fast became one of the freest, most successful markets in the world.
The lesson is simple: Money goes where it gets treated best.
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