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Hey that sounds familar

June 27, 2014

Wonderful paper here on HK’s economic development.

http://www.hkimr.org/uploads/seminars/229/sem_paper_0_173_goodstadt-paper060112.pdf

The cool thing here is that we are in a new era.  There is another chapter in this story about HK’s economic transformation between 2010 and 2020 as it moved from a financial services/manufacturing support center into a high technology center. 

The big lesson I read from these papers is how painful and messy the past is.  There is a tendency to view the past as the “good old days.”  Hong Kong benefited wildly from switching from trading to manufacturing in the 1950’s and then from manufacturing to financial services in the 1970’s, but those transitions were extremely messy, and at the time, it looked like everything was going to blow up.

 

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