Role of China in the Transition of Globalization: Fostering or Preventing a More Just and Stable World?

Ricardo C. S. Siu

Journal of Economic Issues, 2024, vol. 58, issue 2, 564-571

Abstract: In this article, I first recap the major downsides of globalization which clearly inhibit the development of a more just and stable world, hence setting the stage for its transition (re-globalization). Then, I examine the changing role and influence of China in the course of globalization and its current transition by following an analytical framework of institutional change. Specifically, I describe the process where China has evolved from a selective follower/imitator of international criteria/orders to an active innovator in proposing alternatives like the Belt and Road Initiative and internationalization of the yuan to the Global South. These actions have unarguably accelerated the process of re-globalization. Nevertheless, while the initial results are positive, whether a more just and stable world could be ultimately realized will be determined by whether the compatibility of the economic culture of China with other societies could be sustained through recognition by their mass communities, and also consensus from the other world powers.

Date: 2024
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DOI: 10.1080/00213624.2024.2344439

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