According to Steven Cheung’s article of “Absolute Power, Democracy and Market“, democracy (i.e. majority rules & universal suffrage) does not guarantee efficient government. I realize that a lot of people are disappointed about Cheung’s lack of support to democracy. My position is that if a country is at a developing stage, we may need a government with more power to push forward the changes. That’s why China has been doing better than countries like Philippines for the past three decades. However, once a country becomes ‘mature’, universal suffrage can be used to check and balance the government for we don’t need a government to carry out major changes. On top of universal suffrage, a well written and enforced constitution that protects property rights is the corner-stone for success.
In regards of Hong Kong, I would say that the society has already developed herself to introduce universal suffrage, without putting other political constraints into consideration. However, the Basic Law is disappointing as a constitution.