Hong Kong

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April 10, 2026

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April 10, 2026

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"It is reasonable to expect, for example, that one of the better-known ā€œglobal trendsā€ of today, the rise of the Pacific region, is likely to continue, simply because that development is so broad-based. It includes not only the economic powerhouse of Japan, but also that swiftly changing giant the People’s Republic of China; not only the prosperous and established industrial states of Australia and New Zealand, but also the immensely successful Asian newly industrializing countries like Taiwan, South Korea, Hong Kong, and Singapore—as well as the larger Association of Southeast Asian Nations (ASEAN) lands of Malaysia, Indonesia, Thailand, and the Philippines; by extension, it also includes the Pacific states of the United States and provinces of Canada. Economic growth in this vast area has been stimulated by a happy combination of factors: a spectacular rise in industrial productivity by export-oriented societies, in turn leading to great increases in foreign trade, shipping, and financial services; a marked move into the newer technologies as well as into cheaper, labor-intensive manufactures; and an immensely successful effort to increase agricultural output (especially grains and livestock) faster than total population growth. Each success has beneficially interacted with the others, to produce a rate of economic expansion which has far eclipsed that of the traditional western powers—as well as that of Comecon—in recent years."

- Hong Kong

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"The tension between these conflicting aims is perhaps particularly acute in the late twentieth century because of the publicity given to the existence of various alternative ā€œmodelsā€ for emulation. On the one hand, there are the extremely successful ā€œtrading statesā€ā€”chiefly in Asia, like Japan and Hong Kong, but also including Switzerland, Sweden, and Austria—which have taken advantage of the great growth in world production and in commercial interdependence since 1945, and whose external policy emphasizes peaceful, trading relations with other societies. In consequence, they have all sought to keep defense spending as low as is compatible with the preservation of national sovereignty, thereby freeing resources for high domestic consumption and capital investment. On the other hand, there are the various ā€œmilitarizedā€ economies—Vietnam in Southeast Asia, Iran and Iraq as they engage in their lengthy war, Israel and its jealous neighbors in the Near East, and the USSR itself—all of which allocate more (in some cases, much more) than 10 percent of their GNP to defense expenditures each year and, while firmly believing that such levels of spending are necessary to guarantee military security, manifestly suffer from that diversion of resources from productive, peaceful ends. Between the two poles of the merchant and the warrior states, so to speak, there lie most of the rest of the nations of this planet, not convinced that the world is a safe enough place to allow them to reduce arms expenditure to Japan’s unusually low level, but also generally uneasy at the high economic and social costs of large-scale spending upon armaments, and aware that there is a certain trade-off between short-term military security and long-term economic security."

- Hong Kong

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