Abstract
The Asian financial turmoil that hit Hong Kong unexpectedly has produced the worst postwar economic crisis in this bastion of unfettered capitalism. It has exacerbated some worrisome trends that have plagued Hong Kong for more than a decade: diminishing international competitiveness of the economy; widening income inequality; greater involvement of the government in economic affairs; declining mobility opportunities; and an increasingly anxious middle class. Empirical findings however show that whilst Hongkongers' confidence in Hong Kong's capitalist society has been shaken a little, popular support for it has, on the whole, remained robust. Still, social discontent is on the rise, particularly among the middle-classes. Growing popular demand for governmental intervention and the proclivity of the post-1997 regime to exercise economic activism might, in the long run, threaten the viability of this last example of untrammeled capitalism.
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