Race to Set New Rules as the Global Economic Order Changes: China’s Attempt to Become the Hegemon

Year 2022, Volume: 6 Issue: 3, 1389 - 1418, 14.09.2022

Sibel Çaşkurlu

https://doi.org/10.25295/fsecon.1124486

Abstract

After 2008 Global Financial Crisis the decline of the U.S. hegemony and China’s rise has begun to be discussed. Since 2012 China has started to show its intentions for becoming the new hegemon. For this reason, relations between the two countries have become increasingly strained. The U.S. first launched a trade war against China in 2016, and then resolutely moved to the Great Decoupling phase. This paper addresses the escalating struggle between the U.S. and China to become the next hegemon and the transformation of the global economic order in relation to the change of the hegemony.

Keywords

Hegemony, Global Economic Order, U.S., China, Great Decoupling

Küresel Ekonomik Düzen Değişirken Yeni Kuralları Belirleme Yarışı: Çin’in Hegemon Olma Denemesi

Abstract

2008 Küresel Finansal Krizi’nin ardından, ABD hegemonyasının gerilemekte olduğu ve Çin’in yeni hegemon olma yolunda ilerlediği tartışılmaya başlanmıştır. Çin’in bu yöndeki niyetini 2012’den itibaren açık etmeye başlaması karşısında iki ülke arasında ilişkiler giderek gerilmiştir. ABD önce 2016’da Çin’e karşı bir ticaret savaşı başlatmış, daha sonra ise kararlılıkla Büyük Kopuş aşamasına geçmiştir. Bu çalışmada, hem ABD ve Çin arasında giderek tırmanan hegemonya mücadelesi hem de hegemonya değişimiyle ilişkili olarak küresel ekonomik düzende ortaya çıkmakta olan dönüşüm ele alınmaktadır.

Keywords

Hegemonya, Küresel Ekonomik Düzen, ABD, Çin, Büyük Kopuş

References

• Çaşkurlu, S. (2018). Uluslararası İşbölümü, Teknoloji ve Türkiye Açısından Bir Değerlendirme. Gazi Kitabevi, Ankara.
• Çaşkurlu, S. (2022). Hegemonya Mücadelesinde ABD-Çin Teknoloji Savaşı: Yarı İletkenler Sektörü. 3. Sektör Sosyal Ekonomi Dergisi, Cilt: 57, Sayı: 1, 612-634.
• Earth Rights International, Shwe Gas Project. (Erişim Tarihi: 17.04.2022), https://earthrights.org/what-we-do/extractive-industries/shwe-gas-project/
• Fawthrop, T. (2019). Myanmar’s Myitsone Dam Dilemma. The Diplomat. (Erişim Tarihi: 17.04.2022), https://thediplomat.com/2019/03/myanmars-myitsone-dam-dilemma/
• Free, C., & Hecimovic, A. (2021). Global Supply Chains After COVID-19: The End of The Road For Neoliberal Globalisation? Accounting, Auditing & Accountability Journal: Volume 34 Issue 1.
• Hameiri, S., & Jones, L. (2018). China Challenges Global Governance? Chinese International Development Finance an the AIIB. International Affairs 94: 3, 573-593.
• Heilmann, S., vd. (2014). China’s Shadow Foreign Policy: Parallel Structures Challenge The Established International Order. China Monitor. Number 18. Merics.
• Hoogvelt, A. (1997). Globalisation and The Postcolonial World, McMillan Press Ltd., UK.
• International Monetary Fund, World Currency Composition of Official Foreign Exchange Reserves, (2021Q4). (Erişim Tarihi: 11.04.2022), https://data.imf.org/?sk=E6A5F467-C14B-4AA8-9F6D-5A09EC4E62A4
• Johnson, K., & Gramer, R. (2020). “The Great Decoupling”, s.3, https://foreignpolicy.com/2020/05/14/china-us-pandemic-economy-tensions-trump-coronavirus-covid-new-cold-war-economics-the-great-decoupling/
• Kalaria, C. Belt and Road Initiative (BRI)-China’s Supply Chain Game Plan, https://sourcingandsupplychain.com/wp-content/uploads/2019/06/BELT-AND-ROAD-INITIATIVE-BRI-CHINAS-SUPPLY-CHAIN-GAME-PLAN.pdf
• Kozul-Wright, R., & Poon, D. (2019). China’s Belt and Road Isn’t Like the Marshall Plan, But Beijing Can Still Learn From It, Erişim Tarihi: 10.04.2022. https://unctad.org/news/chinas-belt-and-road-isnt-marshall-plan-beijing-can-still-learn-it
• Letter from Africa: Kenyans protest over growing debt, 8 April 2021 Erişim Tarihi: 20.04.2022. https://www.bbc.com/news/world-africa-56651735
• Liu, W., & Dunford M. (2016). Inclusive Globalization: Unpacking China’s Belt and Road Initiative. Area Development and Policy. Vol. 1, No.3, 323 – 340.
• Liu, W., Dunford, M., & Gao, B. (2018). A Discursive Construction Of The Belt And Road Initiative: From Neoliberal To Inclusive Globalization. Journal Of Geographical Sciences. (28(9)), 1-17.
• Nicolas, F. (2016). China and the Global Economic Order. China Perspectives. No: 2016/2, 7-14.
• OECD Business and Finance Outlook 2018, China’s Belt and Road Initiative in the Global Trade, Investment and Finance Landscape.
• Otieno, D. C. (2021). Kenyan debt unsustainable and has reached a crisis level – says Kenyan Peasants League. La Via Campesina. (Erişim Tarihi: 20.04.2022), https://viacampesina.org/en/kenyan-debt-unsustainable-and-has-reached-a-crisis-level-says-kenyan-peasants-league/
• Paradise, J. F. (2016). The Role of “Parallel Institutions” in China’s Growing Participation In Global Economic Governance. Journal of Chinese Political Science, 21, 149-175.
• Ray, R., & Simmons, B. A. (2020). Tracking China’s Overseas Development Finance, Boston University Global Development Policy Center, https://www.bu.edu/gdp/2020/12/07/tracking-chinas-overseas-development-finance/
• Shen, S. (2016). How China’s Belt and Road Compares to The Marshall Plan. The Diplomat, (Erişim Tarihi: 11.03.2022). https://thediplomat.com/2016/02/how-chinas-belt-and-road-compares-to-the-marshall-plan/
• The Economic Times, (2021). China Rebranding BRI to Rival Biden's B3W with Focus on Green Finance, Inclusive Development. The Economic Times/News. https://economictimes.indiatimes.com/news/international/world-news/china-rebranding-bri-to-rival-bidens-b3w-with-focus-on-green-finance-inclusive-development/articleshow/87685132.cms?utm_source=contentofinterest&utm_medium=text&utm_campaign=cppst (Erişim Tarihi: 28.1.2022)
• U.S. Department of State, Blue Dot Network. (Erişim Tarihi: 05.03.2022) https://www.state.gov/blue-dot-network/
• Wang, H. (2019). The New Development Bank and the Asian Infrastructure Investment Bank: China’s Ambiguous Approach to Global Financial Governance. Development and Change. 50(1): 221-244.
• Wang, Z., & Zeng, J. (2020). From Economic Cooperation to Strategic Competition: Understanding the US-China Trade Disputes Through the Transformed Relations, Journal of Chinese Political Science, 25, 49-69.
• Wang, Z. (2017). The Economic Rise of China: Rule-Taker, Rule-Maker, or Rule-Breaker? Asian Survey, Vol. 57, No: 4, 595-617.
• Wei, L. (2020). Striving for Achievement in a New Era: China Debates its Global Role. The Pasific Review, Vol. 33, NOS. 3-4, 413-437.
• World Bank Data. GDP growth (annual %) – China. (Erişim Tarihi: 19.04.2022), https://data.worldbank.org/indicator/NY.GDP.MKTP.KD.ZG?locations=CN
• Yağcı, M. (2016). A Beijing Consensus in the Making: The Rise of Chinese Initiatives in the International Political Economy and Implications for Developing Countries. Perceptions, Vol. XXI, Number 2, 29-56.
• Yao, Y. (2011). Beijing Consensus or Washington Consensus. What explains China’s Economic success? Developmet Outreach, 26-30. (Erişim Tarihi: 25.03.2022) https://openknowledge.worldbank.org/bitstream/handle/10986/6098/deor_13_1_26.pdf?sequence=2&isAllowed=y
• Zhao, M. (2021). The Belt and Road Initiative and China-US Strategic Competition. China International Strategy Review. 1-8.