自2000 年開始，香港進行一個大規模的全方位教育改革。這篇論文檢視其中有關學制、課程、入學制度和學位分配方法、考試和評核改革、直資學校和「一條龍」學校的一些主要政策轉向。本文會引用Bourdieu 和Coleman的文化資本和社會資本兩個概念來分析以上的政策轉向，發現這些新政策的意願是良好的，可是實踐起來卻消耗了香港社會的文化資本和社會資本。

The education reform in Hong Kong has been in place since 2000. The reform is a gigantic one covering the entire education system. This paper examines some major policy changes pertaining to academic structure, curriculum, admissions system and school places allocation, examination and assessment reforms, Direct Subsidy Scheme schools and ‘through-train’ schools. Applying Bourdieu and Coleman’s concepts of cultural and social capital, we argue that while the new policies may be well-intentioned, their implementation is accompanied by the erosion of Hong Kong’s cultural and social capital.