STRATEGIES FOR RAPID ECONOMIC-DEVELOPMENT - THE CASE OF HONG-KONG

This paper reviews factors that significantly affected Hong Kong's rap id economic development in three consecutive periods: (i) the period o f industrialization from 1952 to 1974, (ii) the period of diversificat ion from 1974 to 1980, and (iii) the period of economic integration wi th China since 1980. The paper discusses the role of Hong Kong's gover nment in the territory's development process, examines the advantages and drawbacks of Hong Kong's development strategy, and analyzes the te rritory's economic future. The analysis relates Hong Kong's developmen t experience to the ''endogenous growth'' theory.