Michael Hudson – Changes in Super Imperialism
Professor Hudson discusses “Changes in Super Imperialism: The position of the USA & China in our Global Economic System”.
India’s oldest Socialist Weekly!
Editor: Dr. G.G. Parikh | Associate Editor: Neeraj Jain | Managing Editor: Guddi
Professor Hudson discusses “Changes in Super Imperialism: The position of the USA & China in our Global Economic System”.
Vietnam has not bowed to American pressure to join the Quad. The result is that China and Vietnam’s economic relations have steadily prospered, and China is today Vietnam’s largest trading partner and the latter is China’s sixth biggest trading partner.
A less highlighted instrument that has contributed to China’s growing global influence in developing countries worldwide is bilateral currency swaps between China’s central bank and the central banks of these countries.
The escalation of the New Cold War offers an opportunity to rethink China’s dependence on an export-orientated economy and speedy financialization.
The leaderships in Moscow and Beijing have clearly done their homework while building their alliance attuned to the 21st century.
The visit of the Chinese Foreign Minister Wang Yi to Moscow on September 10-11, 2020 and the joint statement issued at the end of the visit stands out as a turning point in the evolution of the Sino-Russian entente. Part 2 of this three part article.
All signs are that the 21st century will see a struggle for hegemony over the world economy between the US and China. This may be different from similar struggles in the past, due to the uniqueness of China, which is neither entirely capitalist nor entirely socialist.
While US continues to suffer the devastating impacts of poor management of the COVID-19 pandemic, China’s people-centered approach serves as a model to follow.
China undoubtedly triggered the current confrontation but has acted the way it has because it believes India is no longer abiding by the agreements which allowed the bilateral relationship to prosper until Modi changed course.
While China’s economic system differs sharply from a Western capitalist system, it is definitely not socialist in the sense of having overcome the employer/employee structure.
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