In view of the rise of Hong Kong, Macao was not able to maintain its position as an entrepot in the Far East. In 1847, the Macao Government under Portuguese administration announced legalization of gambling. The third stage was 1961-1999, the Macao economy started its modernization and diversification. First, gaming developed along the natural path to modern tourism services. Second, processing and export flourished.
Let’s all realise that we will never fully prevent individual institutions from going bankrupt. Failure is part and parcel of a market economy. But if financial institutions fail they must not be allowed to drag down the entire system with them. Unfortunately, in many countries general insolvency laws have proven inadequate during the crisis.