Studies in Entrepreneurship, Business and Government in Hong Kong

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This book uses new institutional and Austrian theories advanced in recent decades to analyze Hong Kong’s economic transformation. It focuses on knowledge and coordination problems, and examines the role of entrepreneurship, small Chinese family enterprises and government policies in the economic development of Hong Kong. So far, no similar work has been published. Part I is the theoretical framework which explores the role of entrepreneurship, small business and government in the economic development of a small open economy. Part II and III explain how entrepreneurship and Chinese family businesses transform the economy of Hong Kong. Part IV focuses on the coordinating function of the Hong Kong government. This book will be of special interest to scholars of entrepreneurship, Asian business systems and economic development. It will also be of use to policy makers in latecomer economies.


“ ... In the present volume of lucid and well-crafted essays, [Professor Yu] has taken us further in his intellectual quest to unlock the mystery of economic dynamism and creativity in Hong Kong. Parting ways with the mainstream economists of the day, he seeks to put Hong Kong into proper historical and comparative perspective.”– (From the Foreword) Professor Siu-lun Wong, The University of Hong Kong

“ ... This book integrates the analysis of Hong Kong’s economic development experiences into a well established theoretical framework and therefore will be very useful for readers in different areas, such as scholars and students in economics and management, and government officers in economic policy making and planning.” – Professor Yi-Zheng Shi, Hong Kong Baptist University

“ ... The value of this volume is three-fold. First, it extends our understanding of how alternative approached can be applied to economic progress of Hong Kong economy beyond the mainstream neoclassical approach. Secondly, it pays much attention on the role of knowledge and uncertainty on decision-making. Thirdly, it provides the analysis of interactions between entrepreneurship, the business system and the government. Finally, but not least, the book provides useful analysis for readers to understand the mystery of economic dynamism and creativity in Hong Kong.” – Professor Shinn Sun, China University of Technology

Table of Contents

List of Tables
Foreword (Siu-lun Wong)

Part I: The Theoretical Foundation
1. Economic Development of a Small Open Economy

Part II: The Entrepreneurial Spirit
2. Entrepreneurship and Wealth Creation
3. Extraordinary and Ordinary Discoveries: Chinese Versus American Entrepreneurship
4. Learning, Catching Up and the New International Economic Order: The Case of China, Britain and Hong Kong (with Diana S. Kwan)

Part III: The Business System
5. Chinese Family Business and Hong Kong’s Economic Dynamics
6. The Innovation Systems of Hong Kong: Capabilities Building and Technological Trajectories
7. ‘Flagship’ Approach versus ‘Guerilla’ Strategy: South Korea’s Chaebols and Hong Kong’s Small Enterprises

Part IV: The Government
8. A Pro-Business Government and the Coordination of Economic Affairs
9. Public Utilities Provisions in Hong Kong: Monopoly Creation and Government Regulations
10. Social Safety Net: Hong Kong’s Public Housing Program and Income Redistribution (with Diana S. Kwan)
11. The Role of Government in Asian Newly-Industrialized Economies: Hong Kong versus Taiwan, Singapore and South Korea

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