UK official urges ‘open economy’

Those suggesting that Asia’s economic success has called into question the value of open economies and societies are drawing the wrong conclusions, according to the United Kingdom Foreign Minister William Hague.

The UK official on Thursday outlined five principles that underpin sustainable growth and will be crucial for the stability and success of countries adapting to a changing world: a lean and effective public sector that allows market forces to drive enterprise and finance; the rule of law; respect and protection for individual freedoms; a commitment to free trade; and investment in human capital and infrastructure.