The Political Economy of Globalization and China’s Options in Response to Globalization’s Retrogression

In: Political Economy of Globalization and China's Options

Abstract

Globalization’s high tide since the 1990s has far surpassed that of the past both in depth and breadth, so that the economic and social policies of many industrialized countries cannot keep pace. This has resulted in job losses and income stagnation; the middle class and low-income earners have become “losers” and grow increasingly dissatisfied. Policy responses, such as the expansion of credit in the US, were futile and instead fueled a real estate bubble, which eventually burst, led to the international financial crisis and then the debt crisis in Europe. The world economy has thus fallen into a state of mediocrity. As populism increasingly affects the political structure of Western countries, protectionist policies prevail, so that the globalization trend is at risk of being reversed. China, however, in its dual economy development period, took full advantage of the last round of globalization and managed to share the benefits of high-speed economic growth through the population. China should take advantage of its economic size and potential consumer strength within the world economy and take the initiative to become a driving force of a new round of globalization.

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