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

doi:10.1007/978-3-319-51373-7_6

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: Chapters, Conference Papers, Creative and Literary Works › RGC 12 - Chapter in an edited book (Author) › peer-review

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.

Original language	English
Title of host publication	Hong Kong 20 Years after the Handover
Subtitle of host publication	Emerging Social and Institutional Fractures After 1997
Editors	Brian C.H. Fong, Tai-Lok Lui
Publisher	Palgrave Macmillan
Pages	127-151
ISBN (Electronic)	978-3-319-51373-7
ISBN (Print)	978-3-319-51372-0
DOIs	https://doi.org/10.1007/978-3-319-51373-7_6
Publication status	Published - 2018

Publication series

Name	Studies in the Political Economy of Public Policy

UN SDGs

This output contributes to the following UN Sustainable Development Goals (SDGs)

SDG 10 Reduced Inequalities
SDG 11 Sustainable Cities and Communities

Research Keywords

SOCIAL POLARIZATION
SHAREHOLDER VALUE
HOUSING-MARKET
REAL-ESTATE
GLOBAL CITY
ACCUMULATION
CAPITALISM
POLICY
MEDIA
1990S

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10.1007/978-3-319-51373-7_6

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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). (Studies in the Political Economy of Public Policy). Palgrave Macmillan. https://doi.org/10.1007/978-3-319-51373-7_6

Lee, Kim Ming ; To, Benny Ho Pong ; Yu, Kar Ming. / Financialization and Economic Inequality in Hong Kong : The Cost of the Finance-led Growth Regime. Hong Kong 20 Years after the Handover: Emerging Social and Institutional Fractures After 1997. editor / Brian C.H. Fong ; Tai-Lok Lui. Palgrave Macmillan, 2018. pp. 127-151 (Studies in the Political Economy of Public Policy).

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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.",

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Lee, KM, To, BHP & Yu, KM 2018, Financialization and Economic Inequality in Hong Kong: The Cost of the Finance-led Growth Regime. in BCH Fong & T-L Lui (eds), Hong Kong 20 Years after the Handover: Emerging Social and Institutional Fractures After 1997. Studies in the Political Economy of Public Policy, Palgrave Macmillan, pp. 127-151. https://doi.org/10.1007/978-3-319-51373-7_6

Financialization and Economic Inequality in Hong Kong: The Cost of the Finance-led Growth Regime. / Lee, Kim Ming; To, Benny Ho Pong; Yu, Kar Ming.
Hong Kong 20 Years after the Handover: Emerging Social and Institutional Fractures After 1997. ed. / Brian C.H. Fong; Tai-Lok Lui. Palgrave Macmillan, 2018. p. 127-151 (Studies in the Political Economy of Public Policy).

Research output: Chapters, Conference Papers, Creative and Literary Works › RGC 12 - Chapter in an edited book (Author) › peer-review

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T1 - Financialization and Economic Inequality in Hong Kong

T2 - The Cost of the Finance-led Growth Regime

AU - Lee, Kim Ming

AU - To, Benny Ho Pong

AU - Yu, Kar Ming

PY - 2018

Y1 - 2018

N2 - 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.

AB - 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.

KW - SOCIAL POLARIZATION

KW - SHAREHOLDER VALUE

KW - HOUSING-MARKET

KW - REAL-ESTATE

KW - GLOBAL CITY

KW - ACCUMULATION

KW - CAPITALISM

KW - POLICY

KW - MEDIA

KW - 1990S

U2 - 10.1007/978-3-319-51373-7_6

DO - 10.1007/978-3-319-51373-7_6

M3 - RGC 12 - Chapter in an edited book (Author)

SN - 978-3-319-51372-0

T3 - Studies in the Political Economy of Public Policy

SP - 127

EP - 151

BT - Hong Kong 20 Years after the Handover

A2 - Fong, Brian C.H.

A2 - Lui, Tai-Lok

PB - Palgrave Macmillan

ER -

Lee KM, To BHP, Yu KM. Financialization and Economic Inequality in Hong Kong: The Cost of the Finance-led Growth Regime. In Fong BCH, Lui TL, editors, Hong Kong 20 Years after the Handover: Emerging Social and Institutional Fractures After 1997. Palgrave Macmillan. 2018. p. 127-151. (Studies in the Political Economy of Public Policy). Epub 2017 Jul 30. doi: 10.1007/978-3-319-51373-7_6

Financialization and Economic Inequality in Hong Kong: The Cost of the Finance-led Growth Regime

Abstract

Publication series

UN SDGs

Research Keywords

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