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CSE F Acton- Life under communism

by Joe Calhoun

This video from the Acton Institute tells the story of the successful Chinese entrepreneur, Jimmy Lai. Jimmy was born in 1948 in southern mainland China. When he was five, his family lost everything in Mao’s communist takeover. His family was wealthy so they became the enemy. His mother was sent away to a work camp so Jimmy and his sister were left alone to raise themselves. At the age of nine he went to work carrying bags at a railway station in Guangzhou. This allowed him to hear news from the outside world. What he learned was that the communists had lied about the outside world. After eating a bar of chocolate for the first time given to him by someone from Hong Kong he became determined escape there. Jay Richards and Peter Boettke explain that the environment in China was hostile to business and entrepreneurship. Hong Kong, on the other hand, had private property rights, the rule of law, and economic freedom. It prospered while mainland China did not. When the threat of confiscation by government or others exists in a country, simple logic tells you not to invest in that country.

CSE F Acton- Life under communism

This video by the Acton Institute illustrates that importance of private property rights, the rule of law, and economic freedom.

from The Call of the Entrepreneur (2007)
Creator: James Fitzgerald Jr./Acton Institute
Posted by Joe Calhoun
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