The Costs and Benefits to China in Leading Economic Globalization within an “Anti-Globalization” Environment

In: Political Economy of Globalization and China's Options

Abstract

The reversal of the United States’ position on economic globalization has created conditions for Chinese leadership of globalization, and at the same time it has greatly elevated the costs to China for that leadership. As a necessary course to a peaceful rise, China’s leadership of globalization does not require China to “fill the gap” left by the United States, nor does it require China to duplicate the United States’ pattern of acting as overlord. Since the many drawbacks existing in the original globalization were inevitably connected to the United States’ hegemonic pattern, Chinese-led globalization must be of a new type that does not duplicate the existing model. Considering the goals of the new globalization and the costs of leading it, China’s inevitable choice will be to lead globalization jointly with other major powers.