By David R. Meyer
David Meyer lines Hong Kong's bright historical past from the arriving of the overseas buying and selling organizations within the 1840s to its celebrated handover to China in 1997. all through this era, Hong Kong has been a pivotal assembly position of the chinese language and international social networks of capital. the writer bargains an positive view of Hong Kong within the twenty-first century, difficult those that are expecting its decline less than chinese language rule. the tale of Hong Kong's luck will curiosity someone excited by its prior, current and destiny.
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The Beijing government appointed a Viceroy and Hoppo (revenue commissioner) to enforce regulations and collect fees and customs duties, while the Manchu commander provided military muscle. Local authorities exerted substantial control because the Beijing-appointed oﬃcials and the national military could not police the vast expanses of the Pearl River delta and other coastal areas of Kwangtung 7 Greenberg, British trade and the opening of China, 1800–1842, pp. 79–92; Morse, The chronicles of the East India Company trading to China, 1635–1834, vol.
At each point, the most-specialized, highly capitalized intermediaries with the best access to specialized information about the global economy have optimal capacity to shift to higher levels of specialization; their global metropolitan bases stay at the top of the hierarchy of metropolises. Nations may oﬀer unregulated business environments or try regulation to enhance competitive advantages to support this dominance of their intermediaries. The eﬀectiveness of either strategy partly depends on the strategies of other nations; beneﬁts, therefore, remain problematic.
Direct credit links from Canton to London did not prevail at this time, except through the East India Company, because the small-scale private Canton ﬁrms did not have the capacity for direct exchanges with well-capitalized, highly specialized London ﬁrms. Trade crescendo The East India Agency Houses and large American ﬁrms increasingly challenged the staid monopoly of the East India Company in China. Just as the solution to the China trade problem was found in India, the challenge of private merchants to the Company also arose there.