Geopolitical Economy Report While the US provokes chaos, China promotes economic development
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Dec 7, 2024 Mick Dunford, a geographer and scholar at Sussex University, dives into China's innovative economic strategies and contrasts them with the U.S. approach to international relations. He highlights how China has lifted millions out of poverty while promoting win-win cooperation, especially noted during the 75th anniversary of the Chinese Revolution. The discussion also critiques conventional international theories, explores China's housing challenges, and examines the escalating U.S.-China trade war, showcasing the broader implications of these dynamics on global governance.
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China's Economic Transformation
- China transformed from one of the poorest countries to an upper-middle-income country, outpacing global growth.
- It achieved this through internal reforms and adaptations to external pressures, including Soviet loan repayments and the US-Vietnam War.
People-Centered Development
- China's overriding goal is people-centered development, focused on improving the quality of life for all its citizens.
- This approach suggests a substantive form of democracy, achieving democratic outcomes through distinctive procedures.
State Control of Capital
- In China, the state controls the corporate capitalist class, unlike in the US where the reverse is true.
- The Chinese state manages this control through regulation, exemplified by its response to the property bubble.