Protecting Free Trade: The Hong Kong Paradox 1947?7

Protecting Free Trade is the story of a paradox that both limited and stimulated Hong Kong’s post-war economy. In order to preserve its access to open markets, Hong Kong was obligated by international agreements to accept restraints on its exports; and in order to sustain growth, Hong Kong had to subject its largest industry — textiles — to a massive network of restrictions. Protecting Free Trade examines how Hong Kong handled, by negotiation, attempts by developed economies to limit international trade through protective measures. The central argument is that, far from stifling Hong Kong’s industry, restrictive international trade agreements became a stimulus for economic success by creating a sellers’ market in which Hong Kong was the dominant supplier. The book is also a personal memoir by someone who was deeply involved in policy formulation.