Review
------
There are figures in history who deserve to be far better known
and Sir John Cowperthwaite is one of those. Neil Monnery s
account of the way he shaped Hong Kong into a dynamic and
successful economy now far more prosperous than its colonial
ruler, Britain, is all the more fascinating in the light of the
current debate about what drives economic development. Policy
makers today can learn a lot from the focus and the willingness
to ignore the conventional wisdom of the time demonstrated by
Cowperthwaite and his colleagues. --Diane Coyle, professor of
economics at the University of Manchester and author of The
Economics of Enough (2011) and GDP: A Brief but Affectionate
History (2014)
Not before time we now have a fascinating book on one of those
who helped create Hong Kong s thriving economy. Cowperthwaite was
a believer in free market economics well before this idea became
popular again. Hong Kong should be grateful to him. --Lord Patten
of Barnes, last governor of Hong Kong and author of East and West
(1999) and First Confession: A Sort of Memoir (2017)
To this day, people have little idea of Sir John's achievements,
which deserve a wider audience. This book fills a glaring void. I
hope it will have the wide readership that it most certainly
deserves. --Yeung Wai-hong , Honorary Publisher of Next Magazine,
Hong Kong
“During the 1960s, governments were responding to political
unrest and economic challenges with nationalisation, centralised
planning and public spending (financed by heavy taxes and debt).
There was intense pressure for Sir John Cowperthwaite, the
financial secretary of Hong Kong, to join the crowd… A new
biography of Cowperthwaite by Neil Monnery, a former management
consultant, tells of a man who replied to these demands with a
qualified “no”, and in the process became that most unusual of
things: a bureaucrat hero to libertarians. His approach would
subsequently be labelled “positive non-interventionism”, meaning
governance stopping just short of laissez-faire.” The Economist
October 5th 2017
"Sir John Cowperthwaite, who arrived in Hong Kong in 1945 and
topped off his career there as financial secretary from 1961 to
1971, was not one to blow his own trumpet and never cultivated a
coterie of followers to do it for him. Thankfully, however,
Neil Monnery has now published the first biography of
Cowperthwaite. Cowperthwaite, a Scotsman by birth, was at the
heart of economic policymaking in Hong Kong throughout this
period and the colony's success was largely attributable to his
particular brand of free-market economics. For those interested
in economic management, it is a remarkable tale, and one
that Monnery tells with relish." Richard Cockett,
The Literary Review
"There’s a book just out which everyone in the Conservative party
ought to read: Architect of Prosperity by Neil Monnery. It’s the
biography of one of the 20th century’s greatest unsung heroes,
Sir John Cowperthwaite, the financial secretary in the British
colonial administration whose determinedly low-tax,
regulation-light, fiscally austere regime put Hong Kong on its
path to prosperity."
James Delingpole, The Spectator
Review
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"I have just read a fascinating new book called Architect of
Prosperity by Neil Monnery. It's about the role of Sir John
Cowperthwaite, Financial Secretary of Hong Kong from 1961 to 1971
in setting the colony on the road to prosperity. It is an
astonishing story… Its success derived from brilliant economic
policymaking that involved reliance on market forces and
minimising the role of the state... You might think that, given
the economic record, Britain's economic establishment, including
the serried ranks of mandarins and their political masters, might
feel that they have a good deal to learn. They have. They should
read Monnery's book." - Roger Bootle, The Daily Telegraph
'Anyone seeking to understand the true nature of inequality must
read Neil Monnery's excellent book. In Hong Kong Sir John
Cowperthwaite created a society of great wealth inequality but of
great freedom and rtunity. Refugees fled to Hong Kong from
the imposed equality of the People's Republic of China in pursuit
of the greater equality of rtunity in the British Colony.
This book raises fundamental questions about the nature of the
equality we seek to pursue.' - Russell Napier - market historian
and author of Anatomy of the Bear (2016)
"Hong Kong went from being a barren rock with no resources to
becoming a dynamic economy with living standards higher than many
European countries. A key role in this remarkable story was
played by Sir John Cowperthwaite as Financial Secretary. He
believed that expenditure should be determined by revenues, not
the other way round, that private enterprise should decide where
investment should be allocated, tax rates should be low to
attract capital and create surplus profits to be re-invested to
create compounding growth. He was against deficits because he
viewed the taxpayer of tomorrow just as worthy as the taxpayer of
today. The results were spectacular and made Hong Kong into the
economic miracle it is today. This book charts his wonderful,
inspiring and remarkable story and his philosophy is brilliantly
expressed. The wonder is that other Governments in Europe don't
follow this example." - Lord Lamont of Lerwick, former Chancellor
of the Exchequer, author of In Office (1999)
"This fascinating account of the rise of Hong Kong as a global
economic powerhouse is well written and, as such, easy to read
and understand. I’m happy to recommend it wholeheartedly to
CapX’s discerning readership…[Neil Monnery’s] work has
immortalised a man to whom so many owe so much. Architect of
Prosperity is an economic and intellectual history. Above all, it
is a tribute to a principled, self-effacing, consequential and
deeply moral man. Monnery deserves our gratitude for writing it."
-Marian L. Tupy, CapX
"This book tells the story of Hong Kong’s success, focusing on
the career of Sir John Cowperthwaite who played key roles in the
colony’s administration from 1945 to 1971. ...Monnery tells the
story with verve and accuracy, providing one of the best compact
economic histories of Hong Kong in the second half of the
twentieth century. " -Professor Jack A. Goldstone, Economic
Affairs
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About the Author
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Neil Monnery studied at Oxford University and Harvard Business
School. He worked for twenty years at The Boston Consulting Group
as a Director and Senior Vice President and for ten years as
Strategy Director of W.H. Smith. He is now active in business,
investing and research. He is the author of Safe As Houses? A
Historical Analysis of Property Prices (LPP 2011).
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