The Global Political Sociology of U.S.- China Rivalry

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January 17, 2024 | According to Johns Hopkins University professor Ho-fung Hung, the recent rivalry between the United States and China is more about global capitalism's shifting balance of economic forces than ideological differences. Since the 1990s, Wall Street and U.S. transnational corporations have integrated Chinese firms into their global financial circuits and supply chains. Their lobbying fostered a U.S.-China policy that advanced economic engagement despite the deep, post-1989 ideological rift between the two countries. After about 2010, the China boom faltered. The Chinese state became ever more aggressive in squeezing U.S. and other foreign capital within China’s sphere of influence to facilitate China’s capital export. In this seminar, Hung explained why this unleashed an inter-capitalist competition that underlined the intensifying U.S.-China geopolitical rivalry and compared it to the United Kingdom-Germany rivalry a century earlier.