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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, 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, 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, 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 ...

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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