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- W63014408 abstract "Hong Kong embarked on its export-led industrialization in the early 1950s. At the time, the economic outlook was not optimistic. With no natural resources or agriculture to fall back on, Hong Kong was not eligible for aid due to its status as a colony. Industrialization was a must, but affluent markets were thousands of miles away. Yet, after more than three decades of rapid growth, it has emerged as the richest economy in Asia after Japan. This report looks at various facets of its economic achievements, and identifies the main sources of its growth. The four Asian economies, South Korea, Taiwan, Hong Kong, and Singapore, are often referred to collectively as the four Tigers, or Little Dragons, on the grounds that they share a common cultural heritage and have followed a common development strategy. While the role of the cultural factor is controversial, they certainly did not share a common development strategy. Hong Kong is particularly different because its government chose to play a small and passive role. The report also looks at Hong Kong's phases of economic development, each with its own leading edge activities and patterns of growth. From this, the authors deduce a Hong Kong model of growth. Specifically, they argue that the rapid growth was driven by a class of merchant entrepreneurs who specialized in finding and exploiting price discrepancies. In the context of this model, the report evaluates the role of policies and institutions. The authors conclude that local institutions and the policy mix were particulary conducive to commerce-based development. Government housing polices have also contributed, in an unintended and most unexpected manner, to rapid growth." @default.
- W63014408 created "2016-06-24" @default.
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- W63014408 date "1993-10-31" @default.
- W63014408 modified "2023-09-27" @default.
- W63014408 title "Hong Kong - The lessons of East Asia : a unique case of development" @default.
- W63014408 hasPublicationYear "1993" @default.
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