This article studies the origins and development of the economic success of Hong Kong. After pointing out the problems of the free-market explanation and the authoritarian state explanation, this article turns to the world-system perspective for new insights. It is argued that the historical development of Hong Kong is shaped both by the capitalist world-system and by the interactions between socialist China and the capitalist power bloc between the 1950s and the 1970s. This article contributes by showing how these world-system dynamics have affected the Hong Kong political economy over the past three decades.
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