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Give evidence of the disadvantages and advantages of Hong Kong using a market economic system.

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The advantages and disadvantages of free markets are much the same for Hong Kong as they are for anywhere else. In my opinion and that of the vast majority of economists, the advantages outweigh the disadvantages; but we should be honest about the fact that there are real disadvantages for many people.

The chief advantage of free market globalization is increased economic efficiency. This benefit must not go unappreciated; it sounds like we're just saying some numbers go up on a graph. But improved economic efficiency means better lives for millions of people. It means more goods for less work, more wealth and less poverty. The...

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