Liberal Studies Essay

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How do economic prosperity and rule of law depend on each other? It is doubtless that economic prosperity and rule of law are indivisible. And to answer how they depend on each other, stating the definition of ‘economic prosperity’ and ‘rule of law’ is inevitable. ‘Economic prosperity’ means that overall, the economy is doing well and most people have sufficient income for essentials and perhaps a little extra. It means that businesses are hiring and jobs are relatively easy to get. However, it does not mean that everyone has a job or that everyone is well off. On the other hand, the ‘rule of law’ means that the law should govern by limiting all conduct and behavior of all people and organizations in the society. Economic prosperity depends on the rule of law. One of the major functions of the rule of law is maintaining social stability. It is a well-known fact that investors and business men tend to invest their money on a stable, peaceful and well-ordered society. The reason is that in a more stable place, with fewer disputes and a well-established legal system, their money will be safer. This enhances economic prosperity. Moreover, in the Basic Law, it is clearly stated that people hold the right of private ownership of property, which means that the efforts of their work and the fruits of production are enjoyed exclusively by themselves. Hence, people are encouraged to work harder for their own benefits and create wealth. This promotes sustained economic growth and long-term prosperity. Also, even before the unification, Hong Kong has always been a famous free port in the world. In accordance to the Basic Law, Hong Kong shall take the low tax policy previously pursued in Hong Kong as reference to enact laws on its own concerning types of taxes, tax rates, tax reductions, allowances and exemptions, and other matters of taxation. Thus, the Hong Kong government does not set trade barriers such as customs tariff and quota on most imported and exported goods....
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