In 1978, from a shiny metropolis off China’s southern coast, a giddy Milton Friedman glimpsed the world as he thought it should be. “If you want to see how the free market really works,” he told viewers of his PBS series, Free to Choose, “this is the place to come.” He was speaking of Hong Kong, a place that had miraculously mined freedom and prosperity from “barren rock” through hard work, risk-taking, and a state “limited to its proper function”—a grim euphemism that Friedman meant as high praise.At that time, Hong Kong was a British colony where residents had little say over their own affairs. Its powerful colonial governor was named almost 6,000 miles away by Queen Elizabeth, and only a
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