The New China Shock: How Beijing's Party-State Capitalism is Changing the Global Economy

Beginning in the late 1970s, China’s opening to global markets caused an explosion of optimism and trade. Economic interdependence with China, many said, was the pathway to peace and prosperity, in Asia and beyond. Ties between American businesses and the Chinese economy anchored the relationship between the United States and China and were seen as evidence that China was being “pacified by globalization.” Some observers confidently declared that the Chinese Communist Party (CCP) was “playing our game” in the neoliberal world economy. Immanuel Kant’s assertion that “the spirit of trade cannot coexist with war” became received wisdom once