Background to polycrisis: origins of the Chinese ascendancy

Vassilis K. Fouskas

Chapter 3 in Globalization in a Turbulent Era, 2025, pp 38-55 from Edward Elgar Publishing

Abstract: This chapter explores a very important aspect of “polycrisis”, the USA–China rivalry, in a historical perspective. It locates the deep roots of the present crisis of the Western (core) economies in the “stagflation” – stagnation accompanied by high inflation – of the 1970s, which the US-led project of neo-liberal globalisation-cum-financialisation failed to cure. It is suggested that the economic rise of China is not only the result of its domestic reforms since the late 1970s but also the outcome of public policies pursued by the core in its attempts to deal with subsequent crises since the 1970s, failing to restore growth and prosperity.

Keywords: Financialisation; Stagflation; Polycrisis; Rare earth elements and minerals; REEMs; Ordoliberalism; TNCs (search for similar items in EconPapers)
Date: 2025
ISBN: 9781035330492
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