Welcome back to Fraser Insight, the Fraser Institute’s U.S. newsletter.

This summertime issue of Insight is highlighted by the Institute’s strong stand against the Chinese government’s freedom-quashing security law targeting Hong Kong. The Fraser Institute has led an international group of think tanks supporting the people of Hong Kong and condemning Beijing’s actions. Read the letter and find out more about this issue in our In Context section.

Our In Print section showcases timely commentaries, op-eds and blogs. This issue features pieces covering the situation in Hong Kong, various aspects of COVID-19, climate change and other pressing public-policy topics.

As always, the In Focus section showcases in-depth research and analysis. This issue provides links to a new study on the safety of fracking, our annual survey of mining companies (Nevada, Alaska, Idaho and Arizona are in the top 10), and a book exploring the life and work of Joseph Schumpeter.

We encourage you to share Fraser Insight with friends and colleagues by inviting them to sign up for Insight here. Visit our website, which serves as a storehouse for cogent commentary and in-depth analysis—all from a free-market perspective. Follow us on Twitter. Join us on Facebook. And check out the In Touch section for more contact info.

Fraser scholars engage in a roundtable about the long-term impacts of COVID-19—and of the government policies it triggered.

The purpose of global climate policy is to get us from the dangerous upper end of the forecast range down to the safe bottom end. But what users of climate projections need to understand is we are already there.

The great city of Hong Kong will suffer more in the coming months as the totalitarian thumb of the Chinese Communist Party presses down.

Democratic presidential candidate Joe Biden recently announced that, if elected, he would revoke permits allowing the expansion of the Keystone XL pipeline. In reality, pipelines allow for the efficient movement of oil. If pipeline construction is delayed, it merely increases the transport via rail, possibly leading to more oil spills.

It is futile to search for a risk-free, cost-free world that somehow also provides jobs and prosperity.

While it will take a long time to assess and learn lessons from the COVID pandemic crisis, the U.S. experience will be worthy of particular study.

Joseph Schumpeter is one of the most accomplished economists of the 20th century. Included among his many contributions is his path-breaking work on entrepreneurship—one of the quintessential characteristics of all market economies.

The practice of hydraulic fracturing—or “fracking”—in conjunction with horizontal drilling techniques has allowed for an enormous increase in oil- and natural-gas production. The modern practices associated with fracking can allow for much more extensive development of natural gas and other hydrocarbons located in shale and “tight sand” formations. Although there are some genuine risks associated with fracking, existing research leads us to conclude that they are manageable. Explicit government bans (or moratoria) are a gross overreaction to the actual concerns documented in the literature.

Western Australia has moved into first place in the annual survey by mining companies of jurisdictions around the world. Finland has improved to 2nd place (up from 17th on last year’s index). Nevada has fallen two spots, dropping from 1st to 3rd. Alaska ranks 4th this year, and Portugal jumped from 46th to 5th. Rounding out the top 10 are South Australia, Ireland, Idaho, Arizona and Sweden.

As Beijing imposed a new security law targeting freedom in Hong Kong, think tanks from 35 nations joined the Fraser Institute in sharing and endorsing an open letter condemning the actions of the Communist Party of China and supporting the people of Hong Kong.

“Pro-democracy demonstrators—young and old, Chinese and the many other groups that populate Hong Kong—are demonstrating to protect their freedoms and hopes for the future of their children and grandchildren,” the letter declared. “We stand with the people of Hong Kong as they attempt to protect their freedoms and rights and believe a strong global response is critical."

The letter, which has been signed by 39 partners of the Economic Freedom of the World Network, details Hong Kong’s success since World War II in becoming one of the freest, most prosperous, most entrepreneurial places on earth. For example, in 1950, Hong Kong’s per capita GDP was similar to the world average at just over $2,000 (in 2010 dollars), but by 2018, Hong Kong’s per capita GDP—$40,000—was four times the world average. Likewise, Hong Kong has the highest new business formation rate in the world at just over 28 new businesses per thousand working age people, compared to an average of just 1.5 worldwide.

Hong Kong’s prosperity—along with its political independence and political freedom—is now in grave jeopardy, as Beijing and its henchmen carry out actions in direct violation of the “one nation, two systems” principle China agreed to when Hong Kong came under Chinese rule in 1997.