Hong Kong

The slow-motion implosion of Henry Tang, Beijing's pick to be Hong Kong's next chief executive, brings to mind a speech given shortly before the 1997 handover by former Far Eastern Economic Review Editor Derek Davies. In "Two Cheers for Colonialism," Mr. Davies attempted to explain why the city flourished under the British. Fifteen years later, the Chinese officials who are having trouble running Hong Kong might want to give it a read.

The...