The China Boom

The China Boom

Why China Will Not Rule the World

Book - 2015
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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.
Publisher: New York : Columbia University Press, [2015]
ISBN: 9780231164184
Characteristics: pages cm.


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Nov 07, 2015

[I would go so far to say, given that China has dumped so much of its T-bill holdings over the past year, then devalued its currency, that be doing so it has declared war on America, albeit the type of war this country, the USA, has amorally declared on such countries as Allende's Chile, Chavez's Venezuela, present day Iran, et cetera. Now Drew Chapman's fictional thriller, The Ascendant, is much closer to fact than Prof. Hung's ostensibly nonfiction book is!]
I can honestly say I've never learned anything from an academic at Johns Hopkins (and many of them are very scary indeed, including ones like Jessica Mathews, a member of American Friends of Bilderberg) and that is still the case. Currently, China has dumped over $1 trillion in US Treasuries, and doesn't appear to be quitting; they have recently hacked 21.5 million of OPM data files, with their overall total the last 5 years reaching close to 80 million [DoD, OPM, other agenices and corporations]; their ASAT operation [anti-satellite exercise] and their recent artificial islands in international waters, situated between the coasts of Vietnam and Malaysia, certainly completely contradict this Johns Hopkins' sociologist's book!
[Although, certainly originally with the offshoring of jobs, technology and investment to China, it does sound like an overall giveaway, but do not let this author confuse you.]


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