Title

One belt, one road : China's strategy for a new global financial order

Document Type

Journal article

Source Publication

Monthly Review

Publication Date

1-2017

Volume

68

Issue

8

First Page

36

Last Page

45

Publisher

Monthly Review Foundation

Keywords

Economic Theory, Imperialism, Political Economy

Abstract

In late 2013, Chinese premier Xi Jinping announced a pair of new development and trade initiatives for China and the surrounding region: the "Silk Road Economic Belt" and the "Twenty-First-Century Maritime Silk Road," together known as One Belt, One Road (OBOR). Along with the Asian Infrastructure Investment Bank (AIIB), the OBOR policies represent an ambitious spatial expansion of Chinese state capitalism, driven by an excess of industrial production capacity, as well as by emerging financial capital interests. The Chinese government has publicly stressed the lessons of the 1930s overcapacity crisis in the West that precipitated the Second World War, and promoted these new initiatives in the name of "peaceful development." Nevertheless, the turn to OBOR suggests a regional scenario broadly similar to that in Europe between the end of the nineteenth century and the years before the First World War, when strong nations jostled one another for industrial and military dominance.

DOI

10.14452/MR-068-08-2017-01_4

Language

English

Print ISSN

00270520

Publisher Statement

Copyright © 2017 MONTHLY REVIEW FOUNDATION ALL RIGHTS RESERVED. Access to external full text or publisher's version may require subscription.

Full-text Version

Publisher’s Version

Recommended Citation

Sit, T., Wong, E., Lau, K.-C. & Wen, T. (2017). One belt, one road: China's strategy for a new global financial order. Monthly Review, 68(8), 36-45. doi: 10.14452/MR-068-08-2017-01_4

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