What’s so bad about a planned Hong Kong economy? Just look at Singapore

Why is the idea of a planned economy anathema to so many people despite China’s success? And why do so many retain faith in market economies given the economic chaos much of the Western world is descending into? These questions have acquired a particular piquancy as Hong Kong embraces long-term planning for the first time, attracting criticism from some that it is falling into Chinese-style error. Having been in Asia for 50 years – in Singapore, which I consider a planned economy, and Hong…