China has long seen high-speed economic growth tied to property investment. That model is now failing.
Ho-Fung Hung is Henry M. and Elizabeth P. Wiesenfeld Professor in Political Economy and chair of the department of sociology at Johns Hopkins University.
Proclamations of a New Cold War between China and the US herald a clash between authoritarianism and liberal democracy. But what we’re seeing in the growing rivalry between the two countries isn’t based on ideological difference but on inter-capitalist competition.
Illusions on both the Left and Right about China miss how the contradictions of capitalism are shaping that country’s development.