Defining Capitalism

Dennis Robert Redmond dredmond at efn.org
Wed Jul 4 15:28:04 PDT 2001


On Wed, 4 Jul 2001, [iso-8859-1] Daniel Davies wrote:


> > No country developed by practicing free trade
>
> Hong Kong?

The exception which proves the developmental state rule. Hong Kong was:

1. already a wealthy entrepot in 1945, despite wartime destruction and occupation, with accumulated skills, facilities, etc. 2. a recipient of waves of migration from China, including the *entire* bourgeoisie of Shanghai, probably the most industrialized region of pre-revolutionary China, who brought their credit, capital and machinery with them; we're talking millions of the best-educated, professional folks in China 3. benefitted from the trade embargo imposed on revolutionary China by the US, because imports/exports had to go through Hong Kong.

-- Dennis



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