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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
Chapter
Part of the Studies in the Political Economy of Public Policy book series (PEPP)

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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Copyright information

© The Author(s) 2018

Authors and Affiliations

  • Kim Ming Lee
    • 1
  • Benny Ho Pong To
    • 2
  • Kar Ming Yu
    • 3
  1. 1.Division of Social SciencesCommunity College of City University Hong KongChina
  2. 2.Community College of City University Hong KongChina
  3. 3.Education University Hong KongChina

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