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Positive Non-interventionism
Positive non-interventionism was the economic policy of Hong Kong; this policy can be traced back to the time when Hong Kong was under United Kingdom, British rule. It was first officially implemented in 1971 by Financial Secretary (Hong Kong), Financial Secretary of Hong Kong John James Cowperthwaite, John Cowperthwaite, who believed that the economy was doing well in the absence of government intervention but that it was important to create the regulatory and physical infrastructure to facilitate free market, market-based decision making. The policy was continued by subsequent Financial Secretaries, including Sir Philip Haddon-Cave. Economist Milton Friedman has cited it as a fairly comprehensive implementation of laissez-faire policy. First-hand explanation According to Cowperthwaite: In the long run, the aggregate of decisions of individual businessmen, exercising individual judgment in a free economy, even if often mistaken, is less likely to do harm than the centralised dec ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |
Economic Policy
The economy of governments covers the systems for setting levels of taxation, government budgets, the money supply and interest rates as well as the labour market, national ownership, and many other areas of government interventions into the economy. Most factors of economic policy can be divided into either fiscal policy, which deals with government actions regarding taxation and spending, or monetary policy, which deals with central banking actions regarding the money supply and interest rates. Such policies are often influenced by international institutions like the International Monetary Fund or World Bank as well as political beliefs and the consequent policies of parties. Types of economic policy Almost every aspect of government has an important economic component. A few examples of the kinds of economic policies that exist include: *Macroeconomic stabilization policy, which attempts to keep the money supply growing at a rate that does not result in excessive inflatio ... [...More Info...] [...Related Items...] OR: [Wikipedia] [Google] [Baidu] |