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
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
Language
English
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