Financialization and the Role of Real Estate in Hong Kong’s Regime of Accumulation
Author(s)
Lee, James; Smart, Alan
Abstract
Robert Boyer modeled a finance-led regime of accumulation that could be stable under specific conditions. His hypothesis is that once sufficient stocks of property are concentrated in a nation, expenditures that are based on capital gains, dividends, interest, and pension income can compensate for the diminished demand based on wages. In this article, Lee and Smart consider the possibility that some features of a finance-led regime of accumulation and a property-based mode of regulation appeared in Hong Kong relatively early. If so, it would allow one to extend Boyer’s discussion, as well as to diagnose Hong Kong’s experience for its lessons on the economic and social impact of such developments.
