Why Has Economic Development Often Failed to Deliver Common Prosperity? - Wealth inequality under globalization

Given the further yawning of the global wealth gap during the hyper-globalization era, coupled with the incitement by politicians and the media, recent years have seen the formation of a common view around the world that economic globalization is the main cause of the worsening 1 wealth gap. [...] As mentioned in my analysis in the “Hong Kong Economic Policy Green Paper” published by the HKU Business School in 2021, the total contribution of the four pillar industries accounts for approximately 60% of the local GDP. [...] Figure 3: Changes in the Share of Employment by 3 Skill Levels 6 Source: Census and Statistics Department, Hong Kong SAR Government; author’s calculations Note: The “high-skilled” group includes employment in the occupations of managers, professionals, technicians; The “mid-skilled” group employment in the occupations of administrators, production workers, and sales; The “low-skilled” group includ. [...] Despite the different views of scholars and policymakers from diverse backgrounds on the effectiveness of the market economy, in the final analysis, for long-term solutions to economic issues, the poverty problem in particular, welfare policies are only a stopgap while the root cause lies in economic development. [...] I have elaborated through different media on the importance of high-end industries to Hong Kong’s sustainable 8 economic growth, the solution of shortcomings in the industry-academia-research ecosystem, the promotion of innovation and technology development, marketization of scientific research, and industrial diversification.