More classical liberalism please!
" ... consider Hong Kong or the financial hubs in Dubai and Qatar, which adopted English common law and became magnets for investment. ...
... the UK could and should create new self-governing cities like Hong Kong within its borders, to drive growth and prosperity. ...
examines examples from across the world where new private and self-governing cities, special economic zones (SEZs) and special administrative regions (SARs) have had huge success in delivering prosperity to their people and the areas in which they are situated. ...
Meanwhile, the global context has shifted. The next-generation of special jurisdictions are characterised by wider self-governing autonomy, enhanced role of the private sector and a mixed-use urban strategy that moves beyond the outdated model of single-industry focus. ...
As of 2020, Hong Kong’s GDP per capita was above $45,000 – more than that of the UK, Canada or Japan, and more than four times as much as that of mainland China. Britain played a vital role in this economic success, so should be able to repeat the feat on its own soil. Its strong institutions of democracy, rule of law and property rights make it fertile ground. ...
While innovations in this field bring benefits across the world today, there are also plenty of historical precedents – including in the UK. The City of London, Canary Wharf, and industrial communities like Bournville have all exhibited aspects of private administrations and special economic zones to beneficial effect.
The success this approach is driving internationally is as widespread as Honduras and South Korea. SARs are used in developing nations to deliver in places the state cannot – there are 15 under development in Africa. However, others that have been founded through land expropriation undermine their own purpose. Special economic zones create prosperity through the respect for property rights and the rule of law, if this is undermined in their founding their success will be limited. ..."
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