Abstract
This paper explains why, despite the anti-Keynesian convictions of officials and academics, Hong Kong abandoned its initial commitment to the concepts of virtuous markets and moral hazard and resisted importing the prevailing Anglo-American regulatory i¥culturei¦. It reviews foreign attacks on the governmenti¦s intervention to protect financial markets during global crises and shows that these critics have misunderstood the limits of Hong Kongi¦s attachment to laisser faire. The analysis traces the process by which increasingly strict regulation has been introduced without hindering the expansion of Hong Kongi¦s role as a major international financial centre.
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