I. Hong Kong as another brainchild of ideas from Adam Smith, alongside with US, London, Oxford
Hong Kong has been arguably a political economy experiment based on the ideas of Adam Smith
“If you want to see how the free market works, this <Hong Kong> is the place to come. “
– Milton Friedman
We think it is arguable that John Cowperthwaite has tried a great political experiment in Hong Kong and has laid the foundation of the political economy structure of Hong Kong in the 1960s based considerably on the ideas of Adam Smith.
Hong Kong’s experience over the last few decades has demonstrated the power of the first side of Human Nature Adam Smith has observed. We think, in many ways, free market forces are still alive and working in Hong Kong and we see Hong Kong as a place which can help to demonstrate the potential power of both the first and the second side of Human Nature Adam Smith has observed and the power that can be unleashed through engendering a virtuous cycle between these two forces. We therefor would see all institutions in Hong Kong as potential stakeholders and supporters of our planned endeavours.
Is the US Constitution “Smithian” in Nature and how much influence Adam Smith has had on the US Founding Fathers?
“Certainly one thing you can learn by looking at Jefferson’s library is the pervasiveness of Enlightenment philosophy, and intellectual conversation that plays throughout the creation of the American government. In fact you could claim that Jefferson’s book collection brings the enlightenment to America….”
– Mark Dimunation
“. It makes a good deal of sense that these people who were founding a new country would look over to the best work in the Enlightenment…”
– Sam Fleischhacker
We shall leave it to the historians to assess to what extent is the Constitution of the US is Smithian, but we think the US Founding Fathers’ conception about the US society, with individuals being endowed with “unalienable rights” and being free to the “pursuit of Happiness” in their own ways really fit well into what Adam Smith’s intellectual structure would prescribe.
Is the resilience and vitality shown by London an illustration of Smith’s ideas?
“ London is a world by itself….”
– Thomas Brown
Despite the damages from the1665-1666 Great Plague and the 1666 Great Fire, London has successfully re-invented itself and become the world’s largest and most important market and international financial centre throughout the 18th and 19th century, over-taking Amsterdam, Paris and many others. How much was this caused by London’s adoption of Adam Smith’s ideas on the merits of free markets?
Despite all the challenges and issues faced by the UK economy, London’s financial sector has been to keep developing especially after the “Big Bang” in the late 1980s and now remains an important component of the current global financial architecture and capital market despite
Brexit and many other challenges.
London is currently the most globalised city in the world and remains one of the world’s largest markets in the realm of finance, real estate, art, culture and many other things.
How much is the importance of Oxford and the University as an social institution a reflection of Adam Smith’s ideas?
“ Let us think of education as the means of developing our greatest abilities, because in each of us there is a private hope or dream which, fulfilled, can be translated into benefit for everyone….”
– John F. Kennedy
While Adam Smith’s seven years spent at Oxford may not be the happiest period in his life, we think it is arguable that there exist considerable links between Adam Smith and the Oxford University in the following ways:
i)Adam Smith has spent 7 years at Oxford and it was during this period that he formulated his views about Human nature and came to know David Hume, his life-long friend and whose thoughts and whose idea of “A Science of Man” have significant influences on those of Adam Smith;
ii)A considerable part of Adam Smith’s life is associated with universities and this social institution has provided Adam Smith with the environment and resources to develop his ideas and Oxford is the oldest University in the English-speaking world;
iii)Adam Smith’s intellectual achievements accomplished during his University years has earned him the travelling tutorship with the Duke of Buccleuch which has provided him with the financial resources to freely pursuit any subjects which interest him and to do it in the ways he prefers.