
Contents
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Acknowledgments Acknowledgments
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Cite
Extract
This book is the last of a trilogy which I have written in gratitude to the people of Hong Kong with whom I have spent my life since 1962. The first book, Uneasy Partners: The Conflict Between Public Interest and Private Profit in Hong Kong, investigated the collusion and cooperation between government and the business and professional elite. It described how the community defeated the rampant corruption within both the public and the private sectors. It traced the development of a political maturity and social discipline which made Hong Kong the most stable society not only within China but by comparison with the whole of Asia. It charted the rise of a manufacturing sector that dominated the world’s textile market despite decades of global protectionism. At the same time, Hong Kong overcame ‘Cold War’ embargoes and worldwide currency controls to provide China with an outstanding international financial centre.
The second book told a similar story of Hong Kong’s triumph over its political and economic handicaps. Profits, Politics and Panics: Hong Kong’s Banks and the Making of a Miracle Economy, 1935–1985 recounted how a city ruined first by the Japanese invasion and then by the Korean War blockade of China managed to replace its lost Mainland markets almost overnight as its factories boosted their exports by 136 per cent a year in the 1950s. High-speed economic growth continued in the decades that followed, financed almost entirely by the local banking system despite repeated bank failures, market collapses, corporate scandals, currency crises and government mismanagement. By the end of the last century, this talented community had won for itself a new lease of life because of what China’s Prime Ministers in this century have described as its ‘irreplaceable’ role in the nation’s modernisation.
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