Nobel laureates in economics such as Joseph Stiglitz have repeatedly spoken out against the laissez-faire ideology, which has evidently failed. Paul Krugman, another Nobel laureate, believes that government intervention is often necessary to keep capitalism functioning.
Yet, right-wing politicians from Thatcher and Reagan to the Republicans in today's America, backed by conservative think tanks such as the Heritage Foundation and Cato Institute, continue to promote the "free market" ideology.
Hong Kong blindly exalts it. To protect their own vested interests, tycoons, officials, local intellectuals and politicians have used the ideology like a religion. They are scaremongers, painting apocalyptic scenarios if we were to ditch it.
Meanwhile, our frustrated young people engage in radical politics as they slave away with low wages amidst rising living expenses, and blame mainland China and Leung Chun-ying.
Let's not forget the mainland's command economy, within three decades, lifted millions of people out of poverty - a remarkable achievement unsurpassed in the history of human civilisation.
Hong Kong favours capital owners, who get richer here. But the working class who only have labour capital have seen their real disposable incomes stagnate. Housing conditions are poor, with the less fortunate living in shelters resembling slums in less developed economies. Our public hospitals are overcrowded, and standards are falling in our public schools.