chapter  4
23 Pages

Economic insecurity and social protection for labour: the limitations of Hong Kong’s adhocism during the fi nancial crises

ByKIM-MING LEE AND KAM-YEE LAW

Introduction After decades of neoliberal globalisation, economic insecurity spreads around the globe and affects people of every walk of life. Rising economic inequality becomes an important concern for both advanced and developing countries. Nonetheless, political and business elites around the world never question the neoliberal agenda, despite the economic crises that happen every now and then. The year 2007 may mark the turning point of neoliberal globalisation. After the global fi nancial tsunami kicked off from the burst of the sub-prime mortgage bubble in the United States in 2007, the global economy is facing an economic hardship never heard of since the Great Depression in the 1930s. Hong Kong, as a highly open economy, has also been severely damaged by the fi nancial tsunami.