John Templeton said that “the government of India regulates nearly everything, so there's very little progress; whereas in Hong Kong the government keeps its hands off . . . and the standard of living has multiplied”.
Mark Skousen wrote in 2002 that “the mutual fund magnate John Templeton traveled around the world during the 1930s, noting in particular the extreme poverty in two Asian nations under British control, India and Hong Kong. Forty years later, in the 1970s, Templeton returned. Once again he witnessed the incredible poverty in India. But Hong Kong had changed tremendously. "The standard of living in Hong Kong had multiplied more than tenfold in forty years, while the standard of living in Calcutta has improved hardly at all”.
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