The Dynamics of the Current Global Restructuring and Contemporary Framework of the USâ€“China Trade War
Charis Vlados ()
Global Journal of Emerging Market Economies, 2020, vol. 12, issue 1, 4-23
The current escalation of the USâ€“China trade war shows that the dynamics of the crisis and restructuring of the global socioeconomic system are in an accelerating phase. In the present study, we seek to explore the fundamental dimensions and future directions of the USâ€“China trade war and delineate a conceptual framework for understanding its significance for restructuring of the global system. Through some representative scientific contributions to the study on the USâ€“China trade war, we find an increasing emphasis on the declining and repositioning of US global hegemony, which the earlier optimistic theoretical forecasts did not manage to predict. By linking the dynamics of the crisis and restructuring of the global socioeconomic system to the forces of innovation and change management, we argue that this trade war is yet another proof of the gradual restructuring of global equilibriums. These alterations of the structures of the global system seem to lead to the creation of a new equilibrium regime we call â€œnew globalization,â€ which requires the gradual construction of a new global architecture.
Keywords: Globalization crisis and restructuring; USâ€“China trade war; innovation; creative destruction; new globalization (search for similar items in EconPapers)
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Persistent link: https://EconPapers.repec.org/RePEc:sae:emeeco:v:12:y:2020:i:1:p:4-23
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