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Cheng, CMB. With zero government debt, healthy fiscal reserves and a low unemployment rate 1. It meant those who experienced the transition in , did so during a period of instability, with young people who often have the greatest expectations, denied the expected wealth distribution Liu, Rather than confronting uncertainty and investing on conventional markets to potentially prosper from new purpose, creativity and vitality, the new government rejected the slow growth that often comes as part of parcel of a post-colonial economy Grier, Instead, it outwardly embraced free enterprise, flexible accumulation, and financial speculation to accumulate wealth. Protected by job quota systems, social housing and annual payments, subsidies are given for electricity and water, while annual subventions are paid to underpaid workers, teachers, students, retired civil servants and senior citizens. The kilometer light-rail transit system, first proposed by the SAR government in was partially completed in , but will primarily serve the Cotai Strip casinos and bypass low-income residential areas. Burns, P. After a series of social demonstrations in , and by construction workers, local civil servants and others took place, the credibility and integrity of the government became undermined Lao and Siu, ; Liu, Over 20, people rallied in May, against a bill that would exempt the CE from criminal liability during their term. Buhi, J. Likewise, those who help mainland gamblers sidestep strict currency-export controls, or those who run brothels in casinos Fraser, remain a part of everyday life Pomfret, ; Wang and Eadington, ; Wang and Zabielskis, For every story about the residents or gamblers who became millionaires or lost it all either through gambling or casino reward programs, there are other stories about inequalities, injustices, corruption and violence brought about through gambling. Residents who feel disempowered and disadvantaged fight back through gossip, superstition, paranoia, conspiracies, rumors and jealousy, so as to make sense of and act upon the world Zhu, Many are seen to possess extraordinary powers by way of nefarious links to officials and organized crime Lo, As none of the main casino players live in Macau, and casino stock is traded in Hong Kong and the US, casino tycoons have insinuated themselves into the slipstream of the global economy, thereby often evading knowledge of its costs, as well as escaping most sanctions or control. The World Centre of Tourism and Leisure category also obscures other illicit numbers, such as the number of unlicensed workers from the unemployed populations of Guangdong and Fujian provinces, to the numbers of women working in brothels. Apter, A. Edmund Ho, a key player in local business circles and the leader in the local pro-China groups before the handover, became the first CE Choi, Media coverage related to gambling itself, and its downsides are rarely mentioned, with self-censorship prevalent due to fear of losing advertising from the SAR departments and the casino industry Su, Consensus is usually coordinated between the government, local elites and Beijing. Carvalho, R. From rumored AI and digital technology which tracks gamblers most drawn to risk, the pawn shops which help Chinese mainlanders smuggle assets across the border Varese et al. The Legislative Assembly LA is a member body comprising 14 directly elected members, 12 indirectly elected members representing functional constituencies and 7 members appointed by the Chief Executive CE. There is no universal freedom of association, collective bargaining rights, no protection against the blacklisting and sacking of strikers and no standard minimum wage. For most informants who participated in this study, housing and medical costs were a major issue. Choi, H. Foreign opium, first introduced by the Portuguese from Goa at the beginning of the 18th century was prohibited in China during , leading Macau to become a transshipment place home for opium smugglers, with traders and locals participating and profiting Garrett, ; Puga, After British involvement in the coolie trade from China ended in , trade shifted to Macau Meagher, It was only eliminated in after pressure from the British and the Qing government Pinheiro, Even after the communist revolution in China in , Macau maintained its status as a hub for illicit trade, as it allegedly served as a conduit for smuggling gold, petrol, metals and automobiles into China as well as weapons during the Korean War in an effort to circumvent UN mandates Dicks, These lightly regulated activities served the interests of local authorities, foreign merchants, triads and local elites, but excluded the vast majority of ethnic Chinese citizens from economic, social and political integration Cheng, ; Clayton, The choice to pursue market liberalization through casinos concessions was sanctioned by domestic elites and a Beijing-backed establishment. This means there are considerable shortages of qualified teachers, nurses, engineers and doctors. It is extremely difficult to get permission for any type of public demonstration. Comaroff, J.{/INSERTKEYS}{/PARAGRAPH} An outbreak of avian flu or an pandemic, such as such as the latest novel coronavirus, nCoV from Wuhan, a rise in Federal Reserve interest rates, cyber-attacks, natural catastrophes, a drawback of central bank stimulus and global liquidity, and changes to IVS may end the speculative boom and lead to consolidation. While only six year licenses were issued, a Fitch sovereign assessment estimated Macau derived Some The gaming industry accounted for The 1, civil associations that existed in , while representing diversity of interests, and including pro-Beijing interest groups, were brought into the workings of government after the handover. But they failed as much as they tried. Chou, B. However, by , Macau achieved a substantial budget surplus and substantial GDP growth; which accelerated to Tourism arrivals had increased from 7. Interviewers were instructed not to create any interpretations during the interviews. Macau also suffered an economic recession in the wake of the Asian financial crises, with real GDP declining for four consecutive years up to , which in turn led to increased joblessness and a housing market crash. We argue that the occult economy paradigm offers an interpretative framework by putting the spotlight on the rich and the powerful rather than those in poverty and the powerless Nader, , so as to grasp how tourism, as a highly ambiguous term, has been framed by those in positions of power as solely underpinning its success. Rather than act as a provider of infrastructure services, the government has prioritized spaces for gamblers. These were then translated into English, checked and confirmed via a reverse-translation of three interviews. Unable to exercising stable control over space, time, or flows, there were Although statistically, having one of the highest per capita incomes in the world, people see life as a lottery as they seek job promotions, subsidized housing, kinder garden places, school-university places, transport and access to government subsidies. The lead author hired and trained two final year tourism and hotel management students to conduct interviews with the residents in Cantonese. The paper argues that the miraculous swiftness of GDP per capital, employment and budget surplus growth, was a result of a new post-colonial elite looking backwards into its colonial past. A law, for example, charges non-residents giving birth in Macau hospitals childbirth fees three times higher than what residents pay Clayton, Macau currently has no strong cultural and political identity or institutions able to resist a move away from deliberate courting and promotion of irrational forces of chance. Many informants work shifts in the hour casinos. When Hong Kong prohibited gambling in , as Canton did in Ho, , Macau facilitated it, and attracted new businesses and gamblers. Cahn, P. Casinos disguise a problematic human activity which relies on the promise of instant enrichment through alternative means, such as magic, skills, intuition and ancestral inheritance Hamilakis, This illusion of Macau as a new World Centre of Tourism and Leisure seeks to obscure gambling, and other speculative activities, with the master plan not mentioning casinos or gambling as an activity in the territory MGTO, Despite having identified a carrying capacity between Today, residents try to live their lives in an economy that works on probability and confidence and conceals the rapid accumulation of wealth by the few Coen and Maguire, , but at the expense of thwarted aspiration and control and estrangement by unseen forces. Comaroff and Comaroff , p. The authorities in many ways had effectively lost control Chou, , with limited autonomy vis-a-vis the Beijing-backed traditional associations born out of the Cultural Revolution and the powerful STDM group. Chau, S. Macau authorities expanded the number of gaming licenses in by granting three concessions and three sub-concessionaires through a Gambling Tender Commission Simpson, The residents were born, raised and lived in Macao and held Macao residency. This has led some citizens to speculate in zodiac banknotes 2 , car parking ownership, or strive for an occupation that can economically exploit the transient population of non-residents, gamblers and workers employment agencies, pharmacies offering safe product to mainlanders, pawn shops which circumvent currency controls, and realtors who offer short term accommodation to non-resident workers. Whilst often standing accused of various nefarious acts, it is often their staff under threat, while, they have escaped any serious criminal prosecution Lintner, ; McKenzie et al. {PARAGRAPH}{INSERTKEYS}The expansion of casino concessions and subsequent growth of employment and gross domestic product GDP per Capita in Macau after the handover from Portugal created an illusion of prosperity in a post-colonial territory of less than 30 sq. If they lose their jobs, they must leave the city within two days if employed less than a year. While the colonial authorities had legalized gambling in when small and unregistered casinos were prevalent, the industry had not fully developed because of outbound travel restrictions from mainland China. Bauman, Z. Prior to the handover, manufacturing was the predominant industry in Macau, with factory production of toys, shoes, artificial flowers, firecrackers, matches, joss-sticks and textiles contributing While the unemployment rate was 1. As the government seems unable or unwilling to assert itself or let normal patterns of the economy reassert themselves, history may repeat itself unless Beijing seeks a decolonizing process that ruptures the cycles of instability. They were the foundation for prosperity which has fueled new highways, a light rail system, university buildings, benefit schemes and massive casino resort complexes. As the LA voted to reject a trade union bill for the seventh time in , the rich and powerful have freedom to further their own interests, and possibly leading to an increase in inequality Carvalho, The allure of accruing wealth from nothing, inequality, and the lack of conventional speculative markets like the stock market, has led citizens to get caught up in the speculative currents. That would make it the location with the highest GDP per person on a purchasing power parity basis in the world. From spending public money through the Macao Foundation on a month long Macau shopping festival to banning Hong Kong lawmakers, activists and academics from entering Macau, the political system has become undermined with decisions increasingly centered on safeguarding the operations of the gambling market and transnational corporations. They feel really embarrassed and self-abased when facing their families and friends. Because of the regional financial crisis and limited re-investment by the STDM group, there was a 9. Even though she is a dealer, a relatively high paid casino position, most training is related to table games like Baccarat. The quality of medical treatment in Macau is so terrible that people must go to Hong Kong and China for treatment when they get ill. To gather more in-depth data, interviewees were encouraged to speak about their life in Macau. There is little reason to believe that the SAR will reduce its dependence on gambling itself. The absences of a comprehensive, internally consistent ideology have enabled local elites to nurture a competitive ethos on a population seeking palatable payback. Unconventional ways to become wealthier often arose during transitional and opportunistic periods. It reminds citizens how little the economy has diversified and how vulnerable it is to rumors, external actors and shocks. Clayton, C. Autonomy in cultural expression, job quotas, grants, subsidies and government redistribution techniques, cannot compensate for institutional constraints and public discontent. Locals see any increased wealth amongst non-resident workers as illegitimate Zhu, As Comaroff and Comaroff , p. While workers may feel in control, given the low unemployment rate and quota system for locals, most, given the lack of a diverse economy, merely move from one casino group to another. Circulating unevenly, and often with no clear relationship to production, work, law or effort these material and immaterial flows were constituted for and by local elites, non-state actors and a developing transient multinational population. Increasing disquiet over underground banks, money laundering and the embezzlement of public funds and political failure to introduce diversification means Beijing can turn off the tap as easily as it turned it on Chou, However, Macau, instead, became a new minimally regulated frontier through liberalization and deregulation; offering foreign casino operations and murky capital a home and gateway. Blackburn Cohen, C.