Political Economy of Macao since 1999

By: Yufan Hao and Li Sheng and Guanjin Pan

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Synopsis: This book takes a comprehensive look at the governance and civil society of Macao, the shadowy mecca of gambling in Asia- and the reforms, changes, and social movements which are challenging that reputation today. Macao has experienced spectacular economic growth since it returned to Chinese rule in 1999. Following double-digit rates of economic growth between 2002 and 2013, Macao has become one of the wealthiest regions in Asia, with its GDP per capita rising from USD$14,258 in 2001 to USD$89,333 in 2014. Macao's prosperity over the past decade can be largely attributed to the government's decision to liberalize the casino industry in 2002 and the Chinese central government's facilitation of individual travel (FIT) scheme implemented in 2003. The casino industry has become the sole pillar of the local economy, overshadowing all other economic sectors. The increasing dependence on the casino industry has also made Macao's economy highly vulnerable and difficult to sustain. The authors lay out a comprehensive and well-argued case against the economic monoculture, in the process creating a book of profound interest to scholars of greater China, students of political economy, and travelers to the Macau.