近年來，台灣電影在香港電影的宰制下，一蹶不振。本文透過與好萊塢和日本殖民時電影的比較，探討香港電影王國興起的歷史意義和政治效果。本文初步的發現是，香港電影工業的崛起，似乎預示著資本主義發展史上的第一次轉折。它翻轉了昔日核心帝國全球化的併吞模式，而代之以區域性的蛻讓，使得資本主義在經濟的運作邏輯之外，又增添了文化的面向，區域化或亞洲化也因此成為可能，這可能是邊緣帝國主義最重要的政治效果。

　　　　　Hong Kong has recently emerged as a movie empire among the Asian countries. Under her dominination, the film industry of most Asian countries has witnessed underdevelopment or even deterioration. This paper is designed to explore the phenomenon and to assess the political implications associated with it. By comparing with the core expansion of colonial Japan and Hollywood, we find the new empire of Hong Kong is "marginal" in character. It is argued that while a core empire imcorporates, a marginal empire yields to her colony. This in turn serves to explain the newly-emerged phenomenon of localization and regionization (Asianization) in global capitalism.