Financialization, economic crises and social protection: the case of Hong Kong

Abstract

The recent three decades of contemporary capitalist development involves globalization, neoliberalism and financialization. In spite of high economic growth rate, economic inequality has been intensified and becomes an important concern for both advanced and developing countries. Both the 1997 Asian financial crisis and the 2007–2009 financial tsunami point out the underlying crisis-prone nature of contemporary capitalism. Both financial crises arouse public concern about the inadequacy of the social protection system in the developing and newly developed countries. This article will first review the relationship between financialization and economic crises. Then we examine how the recent financial tsunami affects the well-being of the lower classes in Hong Kong. Finally, we attempt to show that the responses of the Hong Kong government are constrained by its finance-led economic growth strategy.

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