Yesterday, Korean activists jumped into the harbour protesting at cheap rice. Yes, that's right -- they want to keep the price of rice HIGH! Needless to say, these folks didn't represent the majority of Koreans, who would benefit from cheaper rice -- but rather the vocal minority who fear competition. Over here in Hong Kong, we have free trade in most things, which is why our standards of living have risen so fast in the past 40 years. But there are some areas where competition is inhibited by our government. Legal services, in particular.
No matter how closed up the legal services were in the colonial days, there was at the very least, an easy way of hiring foreign barristers so as to be a check on the cost of hiring locally.
Ironically, it is barristers that have been pushing for an anti-trust law, which will supposedly promote 'competition'. But they are reluctant to promote competition within their own profession - a closed shop labour union called the HK Bar association.
Why not open up the Bar to free competition and allow solicitors to argue cases in all courts?
Andrew Shuen - Lion Rock Institute Hong Kong
Comments