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A year and a half ago, I started to write weekly essays on political economy issues in Hong Kong and China for the Hong Kong Economic Journal. The opportunity allowed me to more systematically put to paper my thoughts about Hong Kong's economy and the challenges and opportunities of our times. Collected in this volume is a selection from those essays that attempts to illuminate the growing uneasiness within Hong Kong about its economic place in the future and about the society it is today. If we read newspapers, watch television programs, listen to radio talk shows, observe legislative bickering, and watch public protests in the city, we have to conclude that the people of Hong Kong have become more divided and less patient.
The essays collected here address different aspects of their uneasiness. The essays seek to analyze the historical and proximate causes of problems such as industrial transformation, housing, health care, education, population ageing, social pensions, urban development, fiscal policy, exchange rate policy, the political economy of public policy decisions, and so on. In some of the essays, I occasionally comment on the merits and demerits of policy options to address a particular problem. My primary interest, however, has been to search for a common underlying explanation for this diverse array of problems.
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