This is a good summary of why Hong Kong isn't an anarcho-libertarian dream country, and here is a monopoly story.Surlethe wrote:Thanks. He actually mentioned Hong Kong as an example of the good things about free markets; I took him at his word because the reply was taking long enough as-is and I didn't want to research all of his examples. If you have any links to outside sources verifying your description of Hong Kong, feel free to post them.Terralthra wrote:Surlethe, it's not like you need the help at this point, but if you should need an example of free markets not working as Voluntaryist claims they will, you need only mention Hong Kong. Despite having little to no restriction on starting a business or owning a business, almost every industry is controlled by monopolies, cartels, and other forms of oligolopolies. New competitors are simply beaten down or bought out, and consumer prices and customer satisfaction are both among the worst in the developed world.
Cathay Pacific, Hong Kong's biggest air line, is a great example of monopoly power, as they have bought out, bought a majority stake, or driven under all real competitors in the HK market.
This is another interesting report, on a probe into suspected price fixing. My favorite paragraph is this one near the bottom:
I was listening to a story by the BBC World Service on it, but I'm afraid I can't find a link to that.Most other monopolies are, of course, under local control and await investigation. However, it would be premature to get too excited about the demolition of the web of cartels and monopolistic practices that result in high food, utility, banking and property costs for Hong Kong people.