No Debt, High Growth, Low Tax: Hong Kong's Economic Miracle Explained

Governments around the world are wrestling with the problems of enormous debts, low growth, high unemployment and a gap between the demands of public expenditure and what can be raised through taxation. This problem has been acute since the financial crisis, but has been a hallmark of western economies for decades. Only a few countries have been able to avoid this pattern, mostly those blest with vast natural resources such as oil. There are two small islands with no natural resources which …