Hong Kong's Transition to Capitalism
In: Dissent: a journal devoted to radical ideas and the values of socialism and democracy, Band 45, S. 15-23
ISSN: 0012-3846
Argues that Hong Kong, in its transition to Chinese rule, has actually become less socialist & friendlier to the interests of the business elite. In contrast to perceptions of colonial Hong Kong as the epitome of laissez-faire economics, it used a property system that precluded full property rights (& provided significant government revenues) & had a relatively generous social welfare program that included wide-scale housing subsidies. Since the onset of Chinese rule, social spending has been reduced against the wishes of democratic politicians, & the government has been realigned to favor an executive organ dominated by business leaders. This probusiness orientation developed out of the Chinese government's early courting of support for Chinese rule & has resulted in the suspension of workers' rights legislation, cuts in higher education, deprioritization of the environment, & general erosion of economic & social rights. A postscript assesses the implications of recent turbulence in Hong Kong's stock market. E. Blackwell