Description - Comrades and Capitalists by Rowan Callick
The first year for Hong Kong under Chinese rule was of historic importance. Nothing turned out as expected. Capitalism, not communism, caused the problems. Hong Kong's share market fell, its impact made worse by its own property speculation which led to the collapse of major enterprises. The puppet legislature, dominated by the megawealthy "red entrepreneurs" gave tax concessions to the middle classes and put a cap on the minimum wages paid to domestic servants. Rowan Callick examines the impact of China on Hong Kong, and also looks at the effect of the handover on China itself in its own economic reforms and goes so far as to suggest that Hong Kong could lead China to more democratic institutions.
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