Hong Kong's political-economic philosophy is based on free markets, small government and low taxes. Some would argue that this has never been the case in practice, but we still cling to the fiction, which is a powerful one. These principles have been adhered to, at least in theory, and there is a strong case to be made that they are largely responsible for our economic success.
The benefits of these principles have to be argued vigorously in each generation - especially in the current one, when they are increasingly being questioned. But who are the advocates of these principles today?
They were originally espoused by the British colonial administration, and were accepted by the community without too much debate at a time when they delivered rapid economic growth and opportunity for all, and when colonial subjects were content to let the government set the agenda.
Today, the Hong Kong government continues to adhere to these principles, but is finding it increasingly difficult to do so. A fundamental change has taken place in Hong Kong society: we do not yet have a democratic system of government, but the administration is far more answerable to citizens and civic society.
Many of those citizens are questioning the principles of free markets and small government. The administration itself seems confused whether it really still believes in them (see the financial secretary's latest budget speech) and, when defending these principles, it is accused of collusion with the business sector. For these reasons, the government is by no means a reliable advocate.
If not the government, then who? Currently, no one. There is no organised political voice outside government that is effectively arguing the case for the principles of a free and open economy, minimal intervention and the true philosophy of 'market leads, government facilitates'.
The prevailing orthodoxy of the business community is that democracy would be bad for Hong Kong, and bad for business. The fear is that democracy will bring welfarism, a bigger public sector, higher taxes, slower growth and a less competitive economy. Populist policies espoused by many legislators only reinforce these fears.