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Whose century?

Adam Tooze: After the Shock, 30 July 2020

Schism: China, America and the Fracturing of the Global Trading System 
by Paul Blustein.
McGill-Queen’s, 356 pp., £27.99, September 2019, 978 1 928096 85 6
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Superpower Showdown: How the Battle between Trump and Xi Threatens a New Cold War 
by Bob Davis and Lingling Wei.
Harper, 480 pp., £25, June 2020, 978 0 06 295305 6
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Trade Wars Are Class Wars: How Rising Inequality Distorts the Global Economy and Threatens International Peace 
by Matthew C. Klein and Michael Pettis.
Yale, 288 pp., £20, June 2020, 978 0 300 24417 5
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The New Class War: Saving Democracy from the Metropolitan Elite 
by Michael Lind.
Atlantic, 224 pp., £14.99, February 2020, 978 1 78649 955 4
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... they face unpleasant questions from the US Department of Commerce.But,​ as Matthew Klein and Michael Pettis argue in their brilliant polemic Trade Wars Are Class Wars, industrial policy instruments are only part of the story. The more fundamental reason for the Sino-American trade imbalance is macroeconomic. When we look at the world economy as a ...

First Recourse for Rebels

Tom Stevenson: Financial Weaponry, 24 March 2022

The Economic Weapon: The Rise of Sanctions as a Tool of Modern War 
by Nicholas Mulder.
Yale, 434 pp., £25, March 2022, 978 0 300 25936 0
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... 85 per cent of their trade in dollars.In Trade Wars Are Class Wars (2020), Matthew Klein and Michael Pettis showed that the US functions as the world’s importer of last resort – absorbing the trade surpluses of Europe and China – and that the American working class pays the price. But they didn’t discuss the power that accrues to the US ...

Taking the Bosses Hostage

Joshua Kurlantzick: China goes into reverse, 26 March 2009

Factory Girls: Voices from the Heart of Modern China 
by Leslie Chang.
Picador, 432 pp., £12.99, February 2009, 978 0 330 50670 0
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Capitalism with Chinese Characteristics: Entrepreneurship and the State 
by Yasheng Huang.
Cambridge, 366 pp., £15.99, November 2008, 978 0 521 89810 2
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... bargain with the US, in which China would essentially subsidise American consumption. According to Michael Pettis, an economist at Peking University, Until recently, excess US demand and excess Chinese supply were in a temporarily stable balance. As part of running a trade surplus, China necessarily accumulated dollars, which had to be exported to ...

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