A new interpretation of the modern history of Macau that investigates the territory’s political economy, Indigenous capitalism, and regional networks. 

How did Macau, a small Portuguese-administered territory in the Pearl River delta, navigate the tumultuous waves of the twentieth century? Chinese comprador and "red capitalist" elites are at the heart of its transformation, evolving from intermediaries to influential architects of Macau’s economic landscape. Their ventures in gambling, opium, banking, and shipping forged powerful networks that linked Macau closely with South China and Hong Kong.

Amidst global upheavals—from revolutions and invasions to civil wars and the Cold War—Macau’s resilience lay in its ability to adapt to shifting political and economic realities. Macau in an Age of War and Revolution highlights the pivotal roles of refugees, Macanese intermediaries, and local governance in shaping Macau’s unique path. By spotlighting the rise of local capital and agency, this book offers a compelling explanation for Macau’s distinct trajectory under China’s "one country, two systems" framework, setting it apart from its neighbor Hong Kong.