A Book with Legs Podcast Summary
Episode: Vaudine England - Fortune's Bazaar
Release Date: January 19, 2025
Host: Cole Smead, CEO and Portfolio Manager at Smead Capital Management
Guest: Dr. Vadin England, Author of Fortune's Bazaar
Introduction
In this episode of A Book with Legs, Cole Smead welcomes Dr. Vadin England to discuss her insightful book, Fortune's Bazaar. Dr. England, a seasoned journalist with extensive experience covering Hong Kong and Southeast Asia, delves into the intricate and often overlooked history of Hong Kong, exploring its transformation into Asia's premier port city.
The Early History of Hong Kong: Formation and British Acquisition
Dr. England begins by tracing Hong Kong's origins back to the late 19th century. She explains how Hong Kong was acquired by the British following the Opium Wars, specifically highlighting that the British did not initially envision Hong Kong becoming the bustling metropolis it is today.
Dr. Vadin England [13:20]: "The British basically invaded up the Pearl River... Part of the treaty that ended it was to give away the island of Hong Kong."
She emphasizes that both the British and Chinese negotiators underestimated Hong Kong's potential, viewing it merely as a strategic port rather than the economic powerhouse it would become.
Ethnic Diversity and the Concept of Ethnicity vs Race
A significant portion of the discussion revolves around Hong Kong's diverse ethnic makeup. Dr. England challenges the simplistic notion that Hong Kong is exclusively Chinese, introducing the idea that multiple ethnic groups have played pivotal roles in its development.
Dr. Vadin England [05:07]: "There were a whole lot of other people who were also part of this story... their story was being wiped out by political events."
She cites Charles Hersham's argument on the importance of ethnicity over race, noting that ethnicity allows for a more nuanced understanding of Hong Kong's social fabric.
Dr. Vadin England [06:31]: "Ethnicity... is a much better concept than race because it acknowledges multiple ancestries and recognizes that ethnic groups are porous and heterogeneous."
The Sassoon Family and Business Dynasties
Dr. England delves into the legacy of influential families like the Sassoons, who were instrumental in Hong Kong's economic ascent. She narrates the Sassoon family's journey from Baghdad to Hong Kong, highlighting their business acumen and expansive networks.
Dr. Vadin England [18:50]: "The Sassoons moved from Baghdad first to Basra, and then from Basra across the ocean to Bombay... by the time of the 1930s and 40s, sir Victor Sassoon was managing the Peace Hotel in Shanghai."
She explains how the Sassoons and similar families established themselves in various sectors, from opium trading to property development, shaping Hong Kong's commercial landscape.
Reclaimed Land and Urban Development
One of the standout topics is Hong Kong's extensive land reclamation projects. Dr. England discusses how visionaries like Paul Chater orchestrated the transformation of Hong Kong's geography to accommodate its growing population and economic needs.
Dr. Vadin England [40:02]: "Paul Chater made a deal that suited both merchants and the government, allowing for land reclamation that created what we now know as Central... It was a simple process of chopping off mountainsides and dumping the dirt into the sea."
She underscores the significance of these projects in making Hong Kong one of the most valuable real estate markets globally.
Japanese Occupation during WWII
The conversation shifts to the brutal Japanese occupation of Hong Kong during World War II. Dr. England provides a harrowing account of the occupation's impact on the population, including severe food shortages and atrocities committed against civilians.
Dr. Vadin England [53:31]: "Rape became a weapon of war, used to oppress and brutalize the population... running out of food and fuel made survival incredibly difficult."
She also touches upon Macau's role as a neutral haven during this period, drawing parallels to other neutral port cities in times of conflict.
The 1997 Handover and Its Pivotal Moments
While the 1997 handover from British to Chinese sovereignty is often highlighted as a critical juncture, Dr. England argues that earlier events, such as the rise of Hong Kong Chinese tycoons in 1979, were equally pivotal in shaping the city's future.
Dr. Vadin England [63:16]: "1997 was when the Chinese political form took over from the British, but nothing much changed immediately. The real shifts began around 2007 and peaked during the 2019 protests."
She credits the 2019 demonstrations and the subsequent imposition of the National Security Law as defining moments that irrevocably altered Hong Kong's political and cultural landscape.
Modern Era: Protests, National Security Law, and Cultural Shifts
Dr. England provides an in-depth analysis of Hong Kong's struggle for autonomy and democratic freedoms in recent years. She reflects on the resilience of Hong Kongers and the government's unwavering stance.
Dr. Vadin England [66:16]: "The spirit of resistance in Hong Kong is incredibly strong... The National Security Law made it clear that there's no room for maneuver."
She also discusses the diminishing role of historically diverse business elites like the Sassoons, now overshadowed by mainland Chinese influence and policies.
Legacy and Future of Hong Kong's Business and Culture
The episode concludes with reflections on Hong Kong's legacy as a unique cultural and economic hub. Dr. England muses on the potential future trajectories of Hong Kong, questioning whether the city's historical values and freedoms can survive under increasing mainland Chinese control.
Dr. Vadin England [75:13]: "Freedoms are essential for a functioning trading port... Without them, attracting dynamic and innovative individuals becomes nearly impossible."
She hints at her upcoming projects, which will explore the essential role of freedoms in port cities across Asia, contemplating their necessity beyond mere cultural embellishments.
Notable Quotes
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Dr. Vadin England [06:31]: "Ethnicity... is a much better concept than race because it acknowledges multiple ancestries and recognizes that ethnic groups are porous and heterogeneous."
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Dr. Vadin England [35:29]: "In Chinese culture, a patriarch is just a male dominant figure who's gonna run all our lives whether we like it or not."
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Dr. Vadin England [63:25]: "1979 was when the first Hong Kong Chinese tycoons took over from the British."
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Dr. Vadin England [66:16]: "The spirit of resistance in Hong Kong is incredibly strong... The National Security Law made it clear that there's no room for maneuver."
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Dr. Vadin England [75:13]: "Freedoms are essential for a functioning trading port... Without them, attracting dynamic and innovative individuals becomes nearly impossible."
Conclusion
Dr. Vadin England's Fortune's Bazaar offers a comprehensive and nuanced exploration of Hong Kong's complex history. Through her meticulous research and engaging storytelling, listeners gain a deeper understanding of the city's evolution, the interplay of its diverse ethnic groups, and the enduring legacy of its business dynasties. The episode underscores the significance of cultural and political freedoms in sustaining Hong Kong's status as a global economic hub, raising pertinent questions about its future under Chinese sovereignty.
For those intrigued by the confluence of history, culture, and business, this episode provides valuable insights and a compelling narrative that enriches the understanding of Hong Kong's unique position in Asia.
Notable Resources:
- Book: Fortune's Bazaar by Dr. Vadin England
- Author Background: Dr. Vadin England is a career journalist with contributions to Time Magazine, Newsweek, BBC, Reuters, and the South China Morning Post. She holds a PhD from Leiden University and has previously authored The Quest of Noel Croucher.
Connect with Dr. Vadin England:
- LinkedIn: Dr. Vadin England
- Upcoming Projects: Exploring the role of freedoms in port cities across Asia.
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