In 1960, the per capita GDP of Hong Kong was substantially less than that of Argentina and Venezuela. By 2015, the per capita income of Hong Kong was more than three times the figures for Venezuela and Argentina. This dramatic change occurred becauseHong Kong embraced a more free-market economy and was able to achieve and sustain a high rate of economic growth, while the growth rates of Argentina and Venezuela were exceedingly low because market capitalism was discouraged or suppressed in these countries