Publications
Publications
- December 8, 2022
- ForeignAffairs.com
The New China Shock: How Beijing’s Party-State Capitalism Is Changing the Global Economy
By: Margaret M. Pearson, Meg Rithmire and Kellee S. Tsai
Abstract
In the wake of the global financial crisis of 2008, China began to move away from the market-based approach that had shaped its economic policies for three decades, and toward something that might be termed “party-state capitalism,” which involves a high degree of Chinese Communist Part (CCP) control over strategic sectors of the economy. This has led to significant changes in the U.S.-Chinese economic relationship, as both sides have made efforts to secure supply chains, screen inward and outward capital flows, diminish the power of global firms, and reorganize alliances to protect against economic coercion. The effects of this dynamic go well beyond the U.S.-Chinese relationship: the economic arms race between Washington and Beijing has changed the shape of global capitalism.
Keywords
Citation
Pearson, Margaret M., Meg Rithmire, and Kellee S. Tsai. "The New China Shock: How Beijing’s Party-State Capitalism Is Changing the Global Economy." ForeignAffairs.com (December 8, 2022).