A recent report comparing stock market returns from 1995 to 2025 across 14 major countries found that India boasted the highest annualized returns … while also displaying the greatest volatility. Anyone hoping to profit from that tremendous but erratic growth would do well to peruse Running Behind Lakshmi. Adil Rustomjee’s indulgent editors allowed him to…
The term “Industrial Revolution” entered modern parlance in 1799, courtesy of the French diplomat Louis-Guillaume Otto. What began with incremental improvements in steam power and textiles would sweep the world, freeing societies from the Malthusian trap while upending the distribution of political power. But for all that epochal significance, scholars have never arrived at a…
The IT sector seems to be concerned with the flow of information across nations. However, it can also be about the flow of emotions. Labour around technology is not only about programming; it can also be about emotional exhaustion. In The Future of Futurity: Affective Capitalism and Potentiality in a Global City, anthropologists Poornima Mankekar…
Alibaba. Tencent. JD. Pinduoduo. Run down the list of China’s most valuable companies and you’ll find, for the most part, that they’re all e-commerce companies—or at least facilitate e-commerce. The sector created giants: Alibaba grew from just 5.5 billion renminbi of revenue in 2010 to 280 billion last year.
For over two decades, Chinese leaders have sought to rebalance their economy away from dependence on investment and exports and towards growth based on domestic consumption. In that context, few developments could have been more propitious than the explosive growth in internet commerce. While the benefits for consumers are obvious, digital marketplaces also allowed small…
Electrification is likely not the first thing that comes to mind when reflecting, as it were, on Hong Kong. But in Let There Be Light, a history of China Light & Power (CLP), Mark Clifford convincingly makes the case for the centrality of electricity in the Hong Kong story. Electricity not only made Hong Kong’s…
India’s stock markets are booming. One calculation from Bloomberg puts India as the world’s fourth-largest equity market, overtaking Hong Kong, as domestic and foreign investors pile into the Indian stock exchange.
Sir John Seeley once claimed that the British had “… conquered and peopled half the world in a fit of absence of mind.” This would have bemused the many adventurers, mercenaries, and administrators who dedicated their lives to displacing indigenous power across India. More pragmatic than perfidious, Albion accommodated hundreds of princely states ruled by…
Sometimes one ends up reviewing the book one read rather than the one that was written. Lin Zhang’s The Labor of Reinvention: Entrepreneurship in the New Chinese Digital Economy is more sociology than tech, more labor theory than business. But it is also a granular, grass-roots, bottom-up view of the past couple of decades of…
From start-up founders in the Chinese equivalent of Silicon Valley to rural villages experiencing an e-commerce boom to middle-class women reselling luxury goods, the rise of internet-based entrepreneurship has affected every part of China. Problematizing worldwide euphoria about digital entrepreneurship while complicating the dichotomy of “China threat vs. China model”, The Labor of Reinvention attends…
In 2010, Ping An took over Shenzhen Development Bank, ending an experiment that had never been tried before, and not been tried since: a foreign company owning and managing a Chinese bank. Newbridge Capital, a private equity firm, shocked the financial world when it agreed to take over the bank five years earlier—and successfully made…
Delving into the world of banking and corporate takeovers, Money Machine tells the real-life story of how a US-based company took control and turned around a struggling Chinese bank in the early 2000s, when China was starting to open up its banking sector.
On 6 July 6 1998, the last flight took off from Kai Tak International Airport, marking the end of an era for Hong Kong aviation. For decades, international flights flew over the roofs of Kowloon apartments, before landing on Kai Tak’s runway, extending out into the harbor. Kai Tak—frankly, a terrible place for one of…
Scholar and professor Joseph Sassoon was never interested in his family’s history until he received a letter ten years ago from another Joseph Sassoon. The name is not common and, sure enough, this other Joseph was a very distant relative who had come across an article by Professor Sassoon about authoritarian regimes. The two spoke…
In 1980, the Nobel Laureate Milton Friedman noted “It is somewhat ironic that Hong Kong, a Crown colony of Great Britain, should be the modern exemplar of free markets and limited government. The British officials who govern it have enabled Hong Kong to flourish by following policies radically at variance with the welfare state policies…