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Hong Kong Under Chinese Rule: The First Year

by Alvin Rabushkavia Analysis
Wednesday, July 1, 1998

July 1, 1998, marks the first anniversary of Hong Kong under Chinese rule. How has Hong Kong fared during its first year as the newly created Hong Kong Special Autonomous Region of China (HKSAR)? The one positive story was the HKSAR's successful defense of the fixed link between the Hong Kong dollar and the U.S. dollar, which serves as backing for Hong Kong currency. In almost every other respect, the people of Hong Kong are worse off than they were during the last years of British colonial rule. The greatest setback was in the political arena. Nearly two million Hong Kong residents lost the right to vote in the May 24, 1998, elections for thirty of the sixty representatives of the HKSAR's legislature, who were chosen from functional constituencies. In general, the principle of one man, one vote was violated in favor of extremely complicated, three-tiered, rigged electoral arrangements to ensure that pro-China candidates would constitute a legislative majority. Several civil liberties were eliminated or reduced. Mainland Chinese cronyism was reflected in the purchase of substantial stakes in Hong Kong firms by Hong Kong branches of mainland firms at a substantial discount to market prices, until the Asian financial crisis transformed connections with mainland business and political organizations from an asset into a liability. The stock and property markets lost up to half their peak August 1997 value. English-language education was curtailed over the objections of parents and students as numerous schools that formerly taught in English were converted into Chinese-language schools.

El Millonario Next Door

by Tyce Palmaffyvia Policy Review
Wednesday, July 1, 1998

The untold story of Hispanic entrepreneurship

Learn While You Earn

by John Hoodvia Policy Review
Friday, May 1, 1998

Education savings accounts offer Congress a chance to advance tax reform, help families, and counter Clintonian politics

The State of the States

by Steven Haywardvia Policy Review
Friday, May 1, 1998

State of the states: union dues and political contributions; environmental waivers; eliminating racial preferences

Beasley Makes it Finah in Carolina

by Steven Haywardvia Policy Review
Friday, May 1, 1998

Steven Hayward profiles South Carolina governor David Beasley

No Strings Attached

by Jonathan Moorevia Policy Review
Friday, May 1, 1998

A private college spurns federal aid to save its academic freedom

The China Syndrome

by Tom Bethellvia Hoover Digest
Thursday, April 30, 1998

Despite China's stunning economic transformation, American critics still attack Beijing for denying its people democratic rights. Hoover media fellow Tom Bethell says calm down. Democracy is more a response to prosperity than a cause of it.

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Kinder, Gentler Recessions

by David R. Hendersonvia Hoover Digest
Thursday, April 30, 1998

The high-tech revolution is giving us a permanently higher rate of economic growth while muting business downturns. Hoover fellow David R. Henderson on why even the bad economic news isn't as bad as it used to be.

The Ten Causes of the Reagan Boom

by Martin Andersonvia Hoover Digest
Thursday, April 30, 1998

With the exception of a brief lull at the beginning of the 1990s, the American economy has spent the last fifteen years undergoing dramatic growth. Hoover fellow Martin Anderson knows why.

What Caused the Crash?

by Charles Wolf Jr.via Hoover Digest
Thursday, April 30, 1998

Those who championed the so-called Asian development model thought bureaucrats could make better economic decisions than the marketplace. They were . . . mistaken. Hoover fellow Charles Wolf Jr. explains what went wrong and how to fix it.

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Economic Policy Working Group

 
The Working Group on Economic Policy brings together experts on economic and financial policy to study key developments in the U.S. and global economies, examine their interactions, and develop specific policy proposals.

Milton and Rose Friedman: An Uncommon Couple