the recent escalation of violence in the demonstrations has caused damage to the Hong Kong economy
“With regard to the recent economic situation in Hong Kong and the prediction of the future economy, I believe that the short-term will not disappear because it is not a routine cyclical reversal. Moreover, this time the economy is going down very quickly. Some people have described it as if it were a tsunami. Compared with the economic downturn brought by the SARS that has been handled in the past, and the financial turmoil, I am afraid this situation will be even more severe.”
What is the biggest damage to Hong Kong’s economy? I thought of a small story: When I was studying in the United States in the United States N years ago, I first went to a fast food restaurant to open a meal. “Daxiangli out of town” found that soda can be added for free! Of course, if the moment is a treasure, because young and strong, and the physical education of reading and teaching is huge, it is absolutely impossible to add “moisture”. At the same time, I also laughed at my American classmates: “How are Americans so stupid? It is impossible to happen in Hong Kong or the Mainland, otherwise everyone will take a few waters to the fast food restaurant.”
American classmates just laughed and didn’t speak. After thinking back and forth, it is of course me who is stupid to die
Yes, it is difficult to make free drinks in Hong Kong or the Mainland, not because the Chinese are smart, but culturally there is not much restriction on such abuse. On the contrary, Americans are not stupid, but the mutual trust between fast food restaurants and diners has reduced the transaction costs of supervising the abuse of diners.
Of course, the mutual trust between fast-food restaurants and diners has little impact on the economy
However, if we extend it to the fact that people in the society or between the government and the public trust each other, the transaction costs that can be saved by the whole society may be astronomical. The study found that the lower the level of mutual trust in Africa, the lower the degree of economic development. Interestingly, a good part of this distrustful culture stems from the race of the slaves hundreds of years ago, and even the killings of the tribes. Building mutual trust is not a one-off event. Destruction of mutual trust is between day and night. Rebuilding mutual trust is more likely to be a matter of generations.
From the indiscriminate use of tear gas to the public, to suspected police cooperation, and then to the police to send undercover to the demonstrators, the Hong Kong police’s behavior for more than two months, although the degree of brutality is not comparable to the black slave period hundreds of years ago, But in the era of smart phones, relevant films have already spread throughout Hong Kong. The mutual trust that has been painstakingly established for decades has been completely destroyed in just two months.