An economic study of the nature, operation and contribution of
entrepreneurship to the growth of Hong Kong. The author argues that
the success of Hong Kong is attributable principally to adaptive
entrepreneurship: product imitation; small scale enterprise;
subcontracting; and spatial arbitrage. Using these entrepreneurial
strategies, local manufacturers learned from foreign firms and
imitated their products. By selling improved commodities at lower
prices, they competed against the original suppliers from more
advanced countries. Being alert to opportunities and responding
rapidly to change, Hong Kong's entrepreneurs shifted their
production activities from one product to another; from higher cost
to lower cost regions; from traditional fishing and agriculture to
manufacturing, and then to finance and other services. These
entrepreneurial activities have brought about structural
transformation in Hong Kong's economy, enabling the country to
compete with advanced economies.
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