The Freest Market in the World (Routledge Research in International Economic Law)

On the 25th anniversary of the establishment of the Hong Kong Special Administrative Region of the People’s Republic of China, this book presents the first monographic study of the Hong Kong Basic Law as an economic document. The Basic Law codifies what Gonzalo Villalta Puig and Eric C Ip call free market constitutionalism, the logic of Hong Kong’s economic liberty as the freest market economy in the world.

This book, which is the outcome of several years of study with the financial support of the General Research Fund of Hong Kong’s Research Grants Council, evaluates the public choice rationale of the Basic Law and its projection on the Hong Kong economy, with a focus on the policy development of economic liberty both internally and externally. In the academic tradition of James M Buchanan’s constitutional political economy, the book opens with a conceptualisation of free market constitutionalism in Hong Kong. It studies the origins of this concept in the 19th-century classically liberal common law and how it developed into a Hayekian laissez-faire convention under British colonial rule, was codified into the Basic Law and is interpreted and applied by the branches of the Government of the Region. The book closes with remarks on the future of Hong Kong’s free market constitutionalism in face of recent challenges as the year 2047 approaches and the 50 years of ‘unchanged’ capitalist system under the Basic Law pass.

This book will appeal to students, scholars and practitioners of law, economics, political science and public administration. It will especially appeal to those with an interest in Hong Kong law, international economic law or comparative constitutional law.

Gonzalo Villalta Puig holds the Chair in Public International Law at the University of Navarra. He previously held the established Chair in the Law of Economic Integration at The University of Hull, where he headed the School of Law and Politics. Until then, he was Professor of Law and Outstanding Fellow of the Faculty of Law at The Chinese University of Hong Kong, which he served as Associate Dean (Research).

Eric C Ip is Associate Professor of Law at The University of Hong Kong, where he is the Director of the Government and Laws Programme and a Fellow of the Asian Institute of International Financial Law. He earlier taught at University College London and The Chinese University of Hong Kong, where he served as Assistant Dean (Undergraduate Studies) of the Faculty of Law.