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date: 24 February 2020

Abstract and Keywords

This article provides an overview of the institutional structure of the laissez-faire business system of Hong Kong, related as it is to the evolution of the Pearl River Delta as an economic power-house Hong Kong has achieved unusual success in its institutions and economic progress. It is now a world centre for industrial finance, and has adapted its economy o the opening of China, transiting historically from trading to manufacturing and more recently to skilled services. Now closely intertwined with the economy of China, it acts as a form of hybrid capitalism combining global forms of administration and finance, and Chinese forms of enterprise. Seen often as a model for development, its further evolution is increasingly dependent on the capacity and political willingness of China to continue its own trajectory of adaptiveness of the last three decades. This article contributes directly to the business systems and varieties of capitalism literature, and especially that of Chinese capitalism, and identifies institutional contingencies for comparative and international social science research in general.

Keywords: Hong Kong, Asia, business systems, varieties of capitalism, institutions, hybrid capitalism, Chinese capitalism, laissez-faire, Pearl River Delta, finance

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