Podcast Summary: "Vaudine England - Fortune's Bazaar"
Episode Title: Vaudine England - Fortune's Bazaar
Host/Author: Smead Capital Management
Release Date: January 20, 2025
Guest: Dr. Vaudine England, author of Fortune's Bazaar
Introduction
Cole Smead opens the episode by welcoming Dr. Vaudine England, a seasoned journalist and author, to discuss her latest book, Fortune's Bazaar. Dr. England brings a wealth of experience from her extensive reporting across Hong Kong and Southeast Asia, offering listeners a deep dive into the intricate history of Hong Kong as a pivotal port city.
The Complex Ethnic Fabric of Hong Kong
Dr. England delves into the diverse ethnic landscape of Hong Kong, challenging the notion that the city is solely a Chinese enclave. She emphasizes that Hong Kong's history is a tapestry of various ethnicities and families that have contributed to its unique identity.
Dr. Vaudine England [06:31]:
"There were a whole lot of different Chinese and there were different segments of who came and who chose not to and who was not allowed to."
The conversation highlights the importance of understanding ethnicity over race, as ethnicity acknowledges the fluidity and multiplicity of cultural identities. Dr. England references Charles Hersham to illustrate how ethnic groups in Hong Kong are porous and heterogeneous, making it difficult to strictly categorize them.
Dr. Vaudine England [05:37]:
"Beijing always says, you know, Hong Kong was always just another Chinese city. It was always Chinese and it was a Chinese city. And I was thinking, well, actually that can't really be true."
Influential Families: The Sassoons
A significant portion of the discussion focuses on the Sassoon family, a prominent Jewish dynasty whose journey from Baghdad to Hong Kong exemplifies the intertwining of diverse cultures and business acumen.
Dr. Vaudine England [18:50]:
"Sassoons moved from Baghdad first to Basra in the south, and then from Basra across the ocean to Bombay... They invested in fixed property."
Dr. England explains how the Sassoons, through strategic relocations and business ventures, established a formidable presence in Hong Kong. Their ability to adapt and form alliances with other ethnic groups, such as the Parsees, underscores the interconnectedness of Hong Kong's elite.
Land Reclamation and Urban Development
The transformation of Hong Kong's geography through land reclamation is another critical topic. Dr. England discusses how figures like Paul Chater orchestrated land deals that significantly expanded Hong Kong's Central district.
Dr. Vaudine England [40:02]:
"They'd chop off the chops of, of of mountains and bring it and dump it in the sea."
This strategic expansion not only increased Hong Kong's real estate value but also solidified the city's status as a global trading hub. The reclamation projects, while opportunistic, were essential in accommodating the burgeoning population and economic activities.
World War II and Its Aftermath
Dr. England provides a poignant account of Hong Kong during World War II, detailing the brutal Japanese occupation and its devastating impact on the city's population and infrastructure.
Dr. Vaudine England [53:15]:
"Forced evacuation into nothingness, basically, is sort of..."
She highlights the resilience of Hong Kong's inhabitants and the subsequent transformation post-war, where the city emerged stronger with a renewed focus on rebuilding its economic and social structures.
Modern Challenges and the 1997 Handover
The 1997 handover of Hong Kong from British to Chinese sovereignty is examined not just as a political shift but as a pivotal moment that reshaped the city's cultural and economic landscape.
Dr. Vaudine England [63:16]:
"1997, you got Chinese political form taking over British political form. But actually nothing much changed for a while."
Dr. England argues that while the handover was significant, the more profound changes began later with increased mainland influence and the erosion of Hong Kong's unique freedoms and autonomy.
Recent Protests and the Future of Hong Kong
Addressing recent events, Dr. England discusses the large-scale protests of 2019 and the implementation of the National Security Law, which marked a definitive end to Hong Kong's semi-autonomous status.
Dr. Vaudine England [63:26]:
"...the revolution which failed, which was crushed by the National Security Law."
The conversation underscores the ongoing resistance among Hong Kongers and reflects on whether figures like Jimmy Lai represent the last of the business patriarchs willing to challenge the prevailing political tides.
Dr. Vaudine England [68:47]:
"He is such a public symbol and he has been prepared to put himself personally at risk and he has chosen, in effect, to put himself into jail."
The Essence of Freedom in Port Cities
In exploring the essence of freedom within port cities, Dr. England contemplates whether the liberties enjoyed by a city like Hong Kong are mere "icing on the cake" or the foundational "flour" essential for its thriving status as a global trading hub.
Dr. Vaudine England [75:13]:
"...those freedoms are essential. Even you want to have a functioning trading port, you've got to have people coming and going. You've got to attract the kind of people who are interested in being there to do new things and to make things happen."
This exploration suggests that freedoms are not just beneficial but critical to the operational success and appeal of international port cities.
Conclusion and Future Works
As the episode wraps up, Dr. England hints at her upcoming projects, focusing on the indispensable role of freedoms in port cities around the world. She emphasizes the need to understand whether these liberties are additional benefits or essential components of a city's functionality.
Dr. Vaudine England [75:19]:
"But a year later... I think the most significant moment has been 2019... that’s the most significant because it really becomes clear, no, there's no room for maneuver here."
Listeners are encouraged to engage with Dr. England's work and follow her ongoing research to gain deeper insights into the evolving dynamics of global port cities.
Notable Quotes
-
Cole Smead [05:37]:
"Beijing always says, you know, Hong Kong was always just another Chinese city. It was always Chinese and it was a Chinese city." -
Dr. Vaudine England [18:50]:
"Sassoons moved from Baghdad first to Basra... They invested in fixed property." -
Dr. Vaudine England [40:02]:
"They'd chop off the chops of, of of mountains and bring it and dump it in the sea." -
Dr. Vaudine England [63:16]:
"1997, you got Chinese political form taking over British political form. But actually nothing much changed for a while." -
Dr. Vaudine England [75:13]:
"...those freedoms are essential. Even you want to have a functioning trading port, you've got to have people coming and going."
Final Thoughts
Fortune's Bazaar by Dr. Vaudine England offers an intricate exploration of Hong Kong's multifaceted history, emphasizing the city's role as a melting pot of cultures and a resilient economic powerhouse. This episode of A Book with Legs provides valuable insights into the complexities of ethnicity, colonial legacy, and the enduring spirit of Hong Kongers amid evolving political landscapes.
Listeners are encouraged to purchase Fortune's Bazaar to further understand the rich and often messy history that has shaped one of Asia's most significant port cities.
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