The China Boom: Why China Will Not Rule the World (Contemporary Asia in the World)
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Many thought China's rise would fundamentally remake the global order. Yet, much like other developing nations, the Chinese state now finds itself in a status quo characterized by free trade and American domination. Through a cutting-edge historical, sociological, and political analysis, Ho-fung Hung details the competing interests and economic realities that temper the dream of Chinese supremacy―forces that are stymieing growth throughout the global South.
Hung focuses on four common misconceptions: that China could undermine orthodoxy by offering an alternative model of growth; that China is radically altering power relations between the East and the West; that China is capable of diminishing the global power of the United States; and that the Chinese economy would restore the world's wealth after the 2008 financial crisis. His work reveals how much China depends on the existing order and how the interests of the Chinese elites maintain these ties. Through its perpetuation of the dollar standard and its addiction to U.S. Treasury bonds, China remains bound to the terms of its own prosperity, and its economic practices of exploiting debt bubbles are destined to fail. Hung ultimately warns of a postmiracle China that will grow increasingly assertive in attitude while remaining constrained in capability.
bulk commercial transaction, the Ming government unified taxes into a single silver tax. This unification further enhanced the silverization and commercial growth of the economy. 1592–1598 Hideyoshi, a warlord who unified Japan, challenged China’s centrality in Asia’s international order by invading Korea. Ming China sent in troops to repel the Japanese force from Korea. 1635 The Tokugawa government of Japan started the seclusion policy, forbidding foreign trade. This prohibition stemmed the
their bargaining position in bilateral and multilateral negotiations. The rise of the G-20 as a negotiating bloc in the WTO is illustrative. The group was initiated by Brazil, South Africa, and India in the WTO ministerial meeting in Cancun in 2003 with the intention of fostering collective positions in negotiating with developed countries on various key issues. The group collectively resists developed countries’ request for further opening of financial markets and urges developed countries to
economy into a more domestic-consumption-driven mode and expected that the stimulus would be made up mainly of social spending, such as financing of medical insurance and social security accounts. To the disappointment of those who advocated the use of the stimulus to rebalance the Chinese economy, the stimulus package in the end carried no more than 20 percent of social spending, and the majority of the spending went into the same old investments in fixed-capital assets, such as high-speed rail,
Franklin described this spirit many years earlier: “Remember, that money is of the prolific, generating nature. Money can beget money, and its offspring can beget more, and so on. Five shillings turned is six, turned again it is seven and three pence, and so on, till it becomes a hundred pounds. The more there is of it, the more it produces every turning, so that the profits rise quicker and quicker” (qtd. in Weber  1992:50). However, as Weber points out, this logic is contrary to that of
no. 1: 75–100. Prasad, Eswar. 2014. The Dollar Trap: How the U.S. Dollar Tightened Its Grip on Global Finance. Princeton, N.J.: Princeton University Press. Pun Ngai. 2005. Made in China: Women Factory Workers in a Global Workplace. Durham, N.C.: Duke University Press. Pun Ngai, Jenny Chan, and Mark Selden. Forthcoming. Separate Dreams: Apple, Foxconn, and a New Generation of Chinese Workers. Lanham, Md.: Rowman and Littlefield. QSL-QL. n.d. Daqing gaozong shilu (Veritable record of the Qing