Financialization and economic inequality in Hong Kong: The cost of the finance-led growth regime

Kim Ming LEE, Benny Ho Pong TO, Kar Ming YU

Research output: Chapter in Book/Report/Conference proceedingChapter

Abstract

Most researches tend to attribute economic inequality in Hong Kong to economic restructuring (Ho, Wei and Wong 2005, Zhao and Zhang 2005), globalization (Lee et al. 2007; Chiu and Lui 2004) and inadequate social policies (Goodstadt 2014; Chou and Chow 2005). While these factors are important, these analyses overlook the role of financialization, especially its impact on the wealth gap and social protection. Financialization is a global phenomenon, and appreciation of this factor in the Hong Kong context is crucial for explaining why several policy initiatives, such as the Mandatory Provident Fund (MPF), have paved ways for patrimonial capitalism (cf. Piketty 2014). We intend to fill this gap. Copyright © 2018 The Author(s).
Original languageEnglish
Title of host publicationHong Kong 20 years after the handover: Emerging social and institutional fractures after 1997
EditorsChi Hang Brian FONG, Tai Lok LUI
Place of PublicationBasingstoke
PublisherPalgrave Macmillan
Pages127-151
ISBN (Electronic)9783319513737
ISBN (Print)9783319513720
DOIs
Publication statusPublished - 2018

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Hong Kong
finance
costs
economics
capitalist society
restructuring
globalization
Social Policy

Citation

Lee, K. M., To, B. H. P., & Yu, K. M. (2018). Financialization and economic inequality in Hong Kong: The cost of the finance-led growth regime. In B. C. H. Fong, & T.-L. Lui (Eds.), Hong Kong 20 years after the handover: Emerging social and institutional fractures after 1997 (pp. 127-151). Basingstoke: Palgrave Macmillan.