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China and the Transformation of Global Capitalism

, 224 pages

5 line drawings

August 2009



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China and the Transformation of Global Capitalism

With one of the world's fastest-growing economies and a population quickly approaching two billion, China holds substantial sway over global financial, social, and cultural networks. This volume explains China's economic rise and liberalization and assesses how this growth is reshaping the structure and dynamics of global capitalism in the twenty-first century.

China has historically been the center of Asian trade, economic, and financial networks, and its global influence continues to expand in the twenty-first century. In exploring the causes for and effects of China's resurging power, this volume takes a broad, long-term view that reaches well beyond economics for answers. Contributors explore the vast web of complex issues raised by China's ascendancy.

The first three chapters discuss the global and historical origins of China's shift to a market economy and that transformation's impact on the international market system. Subsequent essays explore the ability of large Chinese manufacturers to counter the might of transnational retailers, the effect of China's rise on world income distribution and labor, and the consequences of a stronger China for its two most powerful neighbors, Russia and Japan. The concluding chapter questions whether China's growth is sustainable and if it will ultimately shift the center of global capitalism from the West to the East.

This cutting-edge collection of works by leading global political economists links current events to long-term trends in global capitalist development to provide a comprehensive analysis of China's impact on the world. Scholars of China, world systems and globalization, international relations, and political economy will find this assessment worthy of study and an important starting point for further research.

Contributors: Richard P. Appelbaum, Giovanni Arrighi, Edna Bonacich, József Böröcz, Paul S. Ciccantell, John Gulick, Ho-Fung Hung, Stephanie Luce, Beverly J. Silver, Alvin Y. So, and Lu Zhang.

Ho-fung Hung is an associate professor of sociology at The Johns Hopkins University.

"This volume is a significant, timely contribution to the discussion of China's role in the world economy... Not only a must read for those studying the Chinese economy, this book will likely be welcomed and debated by observers of capitalist development on the world stage. Essential."

"This volume is a rare and important contribution to understanding China’s rise in the context of global capitalism. Despite the questions raised, this reviewer enjoyed reading all the chapters and learned much from each author who contributed to this excellent collection. The volume is a must read for anyone who is intrigued by China’s past and its contemporary role in the global system."

"Ho-fung Hung... provides an excellent short background on the start of China's economic miracle, and then evolves into providing an eye-opening view of the current status of important Chinese clothes and shoe manufacturers."

" China and the Transformation of Global Capitalism is most timely, as controversy over the rise of China as an economic powerhouse and military threat to the United States is one of the most salient topics in current macro social science and policy analysis. It advances highly useful perspectives, especially for the short- and medium-term future, and will be recognized as a major contribution."

"This eclectic collection is a signal contribution to what may be the most important debate in contemporary political economy: How will the dynamics of China's development shape the 21st century? Scholars and practitioners alike will benefit from confronting the plethora of provocative propositions and insights offered by the book's contributors."

"Provocative, engaging, and timely, this landmark volume examines the critical question of our times: what are the implications of China’s ascendency for global capitalism? Among the many scholarly works on China, this remarkable book offers a unique and breathtaking vista of unparallelled scope. The well-crafted chapters embed China’s transformation in world systemic forces as well as China’s own legacies of pre-modern market development and Maoist socialism, illuminating the myriad ways in which China reshapes the global supply chains, sparks resource-based geopolitical competition among major powers, and generates the potentials for a revival of labor activism. This is essential reading for anyone interested in China and the world."

"I would recommend this volume to comparative sociologists, historical sociologists, social theorists as well as scholars in international political economy and foreign affairs."

"I find the book to be among the best of its kind. It is an essential text to be read by students in China studies, world system theories, and international political economy."

"For those who really want to understand the historical timing of China's rise and the correlation with global capitalism, it could be a real inspiration to read this book."

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