When Communist rioters swirled through the streets of Hong Kong in 1967, the business community trembled on the edge of chaos. The local stock market dropped to a modern low; bank deposits plunged; tourism dried up. Nearly 1,000 businessmen made inquiries about shifting to Taiwan or Singapore. But peace returned—and so did prosperity. No businesses actually moved out. Despite the monumental inconveniences caused by what is now euphemistically called "the disturbances," 1967 turned out to be Hong Kong's best export year until then, and 1968 was even better in every respect. Last week, as it celebrated the Chinese New...
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