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Globalisation and the Governance of Hong Kong - page 7 / 28

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If we take the narrow view of economic globalisation to mean the development of international trade and integration within the world economy, then countries in East Asia are highly globalised. The recent economic success of the region is partly based on its growing commercial links with the world in general, and to the free-trade blocs of North

America and Europe in particular. export-led growth thesisshare

Jones (1997: 61) notes that ‘the proponents of the view that the embedded liberalism of

the the

international

trading order’

substantially

to thesuccess

established at Bretton Woods of the Pacific Asian economies’.

in It

1944 has ‘contributed is also noteworthy that

this success, foreign direct

at least until recently, was investment and openness to

attributed to international

the region’s capacity in attracting trade. Consequently, modern jobs

and goods flowed into Hong Kong, Singapore,

the region (particularly in the four Asian South Korea and Taiwan plus Japan). The

‘Tiger’ economies of performance of these

NIEs appears to by globalisation.

support From

the the

notion that a country’s economic development 1980s, Southeast Asia, particularly Malaysia

is determined and Thailand,

started exports,

to bene it from economic globalisation, and later in the 1980s, market reforms in

especially in terms of labour-intensive China meant that it could also enter the

world market (Chiu globalisation was the recovery from that economic success of

et al

1997: 3).

Asian

economic

Of course, a negative crisis that began in the

consequence of economic summer of 1997, although

crisis was relatively the East Asia region

swift, albeit uneven. has been largely due to

In sum, the the conscious

continued efforts of

its governments to conscious decision

integrate

into

taken by

the

the world economy.

Historically,

Hong

Kong

government,

in

part

this due

has not been a to its traditional

reluctance to intervene in the economy.

However, Hong Kong faces keen

from its East Asian neighbours, particularly where concentrated, including Tokyo and Singapore, with Shanghai and Taipei.

economic globalisation the possible addition

competition flows are of Seoul,

2. POLITICAL AND ADMINISTRATIVE CONTEXT

Hong

Kong has never

been

Hong

Kong and Canton

(now

an independent polity.

Guangzhou)

began

in

the

Britain’s unofficial occupation of

17th

century

before

much

of

the

7

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