They own your supermarket chains, your offices, your apartments. They drive you to work on their streets through their tunnels, serve you their food for lunch, fly you in and out, make sure your stove is hot and your air con is cold.
Hong Kong’s famous tycoons make billions of dollars a year in every niche in the world’s freest economy. Free in this case means free from regulation, but that does not mean free market.
Nowhere else in the world are so many areas of the economy up for grabs. The public transportation system is private, so are most of the tunnels, bridges and highways. Businesses are lowly regulated and the only relevant tax heard of is a 16% income tax.
In a market in which entry is legally so easy, how are the tycoons able to accumulate so much wealth and keep their positions? Is it endemic to a free market that few rule? Or are there other forces at play?
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