ABSTRACT

In May 2012, the International Institute for Management Development (IMD) released its annual World Competitiveness Yearbook, which ranked Hong Kong as the most competitive economy in the world. Hong Kong, a small and open economy, was once again under the spotlight of the world. Although the United States was facing numerous economic challenges, it still ranked second on the scoreboard (IMD 2012). Published since 1989, the IMD World Competitiveness Yearbook measures 59 countries on the basis of 329 criteria. Its rankings measure how well countries manage their economic and human resources to increase their prosperity. The fact that Hong Kong earned this title in two consecutive years was no surprise to the IMD. Hong Kong’s success story was widely known in the Western world and sometimes described as an Asian miracle. In fact, its success was the cumulative effort of many generations of Hong Kong people. Despite its economic success, are the people able to enjoy the fruit of this success?