A powerful, but oft-ignored factor underlying the frustrations of Hong Kong’s people is inequality. And, contrary to the prevailing pro-democracy narrative, the failure of Hong Kong’s autonomous government to address the problem stems from the electoral politics to which the protesters are so committed.
Hong Kong - the least affordable city on earth; where the inequality ratio is among the highest. A capitalist enclave left over by British imperialism.
Hong Kong - the least affordable city on earth; where the inequality ratio is among the highest. A capitalist enclave left over by British imperialism.
Via Michael Roberts
"The cosiness between Hong Kong’s tycoons and government – both locally and extending to Beijing – a nexus blamed by many of the city’s street protesters today as the major cause of their woes: one of the developed world’s widest income gaps in the least affordable housing market on earth."
"The cosiness between Hong Kong’s tycoons and government – both locally and extending to Beijing – a nexus blamed by many of the city’s street protesters today as the major cause of their woes: one of the developed world’s widest income gaps in the least affordable housing market on earth."
The fortunes of Hong Kong’s 75 wealthiest billionaires – estimated at US$224 billion in 2013 – made up nearly 82 per cent of the city’s gross domestic product, according to Wealth-X’s Billionaire Census. By last year, the tycoon class had ballooned to 93 with US$315 billion in assets, or 86.6 per cent of the city’s GDP, the census showed.
The remainder of Hong Kong’s population became poorer, with a record 1.37 million residents living below the poverty line last year, eking out a living on as little as HK$4,000 (US$510) a month, according to government data.
"Despite having fiscal reserves of more than HKD$1.2 trillion ($147 billion), Hong Kong’s autonomous government has failed to address inequality, precisely because of the electoral politics to which the protesters are so committed. The city’s Legislative Council – whose members are elected through a complicated process based on proportional representation – is too politically and ideologically divided to reach consensus."
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