Program

Luce/ACLS Travel Grants in China Studies

Project

Shadow Economy: Smuggling, the Gold Trade, and Everyday Life in Cold War Hong Kong

Department

History

Abstract

This project examines Hong Kong’s emergence as a center for the Cold War gold trade. While East Asia's political tensions introduced new regulations, it also opened avenues for economic adaptation. Gold traders—goldsmiths, merchants, smugglers, and migrants—skillfully exploited legal loopholes, informal networks, and illicit channels, positioning Hong Kong as a focal point in the Asian gold trade. Moving beyond a state-centered perspective, this project highlights the ingenuity of these individuals, who leveraged disparities between Hong Kong and the global markets. By focusing on these actors, the project reveals the complex interactions between local and global forces that transformed Hong Kong into a liminal space, ultimately establishing it as a key node in the global shadow economy.