The Following Location Has Been Scheduled For This Event:
Join Open University of the Left on Saturday August 11, at 2:30 pm at the Logan Square Branch of the Chicago Public Library at 3030 W. Fullerton Ave. Chicago, free parking, wheelchair accessible (Bus route:74 Fullerton)
Jerry Harris presents: Who Leads Global Capitalism? The Unlikely Rise of China
The idea that China, once the center of world revolutionary passion, should lead global capitalism is as unexpected as it is
ironic. Disappearing is the dominant position of the US, further undercut by the erratic nationalism of President Trump. With the US acting as if globalization is the unwanted step-child of its hegemonic power, the guardianship of transnational capital has fallen to the Chinese.
The Chinese TCC has been cautious in taking on the role of world leadership. But as China grew to the second largest world economy the CCP wanted to step-up the value chain ladder, develop a consumer middle class, and take the lead in key technologies such as robots, electric cars, green energy, and semi-conductors. With capital accumulation bulging out of the pockets of state banks and their sovereign wealth fund, President Xi’s call for “outward bound” investments opened a new door for accumulation. No longer would China simply be a platform for foreign investments, but a global power taking the lead on foreign direct investments (FDI) and sending their capital into the markets of the world.
China has taken a number of distinct steps in its emergence as a leader of global capitalism. Some of the most significant were the creation of the BRIC’s bank, the Asian Infrastructure Investment Bank, the promotion of the Regional Comprehensive Economic Partnership, their rapid development of wind and solar power, and the strategic economic plan for the One Belt Road (OBOR). The presentation will discuss this broad strategy and its contradictions.
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