Bauer also suggested that agriculture had remained important in many cases, as it had in the United States, Canada, and New Zealand, and that the amount of industry a country needed was specific to each individual case. He held the absence of government intervention rather than the type of economic activity to be important. Despite the lack of raw materials and a small domestic market, Bauer stated, Hong Kong rapidly industrialized through "private initiative and enterprise." "Unfortunately, it is just these forces that advocates of the new orthodoxy seem to distrust" (Bauer 1958a, 194).

Philip Mirowski & Dieter Plehwe (eds.), The Road from Mont Pèlerin, loc. 1318