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Quotation of the Day…

is from a letter-to-the-editor by Milton Friedman in the December 28th, 1990, edition of the Wall Street Journal:

While 19th-century Britain is an excellent test of unilateral free trade, it is not “the best,” since critics maintain that Britain’s superpower status at the time enabled it to impose its policy on other countries.  Modern-day Hong Kong is a better test – a small Island and peninsula with few resources and no independent political power, yet unilateral free trade enabled it to achieve an even higher rate of growth in per-capita real income than its fellow little Tigers, Singapore and Taiwan, despite more rapid growth in population.