During his visit here last week, former governor Chris Patten had two suggestions for those who wanted to learn about free trade: read Adam Smith's The Wealth of Nations, or buy a plane ticket to Hong Kong - to see how free trade works in practice, bringing prosperity to a densely populated city that has no natural resources or trade barriers.
Reading the 18th-century classic on free trade involves little or no cost. But those who spend a small fortune to come here will certainly not be disappointed by what they see and experience in this city we call home.
We have a minuscule agricultural sector, but we have access to the best farm and fishery produce from all over the world. We have a tiny manufacturing sector, but our shops are fully stocked with all kinds of foreign-made industrial products. Prices are low and the quality is good, as only the best and most affordable items can survive the fierce competition to remain on sale.
Most of us no longer till the land or toil in factories, but are employed in financial, trading and services companies to manipulate the flow of money, goods and ideas across the globe. For our intellectual labour, we earn far more than if we had hung on to what were once the pillars of our economy.
At various stages of our economic development, Hong Kong was once the world's biggest manufacturer of toys, garments, wigs and plastic flowers. All these industries died natural deaths, but new ones sprung up to replace them and propel us forward.
Workers displaced by the demise of sunset industries experienced short-term difficulties, but most eventually found new jobs in growth industries. As we continue to climb the value ladder, some workers with little education are being left behind, and they need help to acquire new skills to perform new jobs.
But trying to protect their old jobs by any kind of mandatory procurement of their products, as mooted by unionists at the Legislative Council this week, will not do them or the community any good.
