The financial crisis, beginning from 2008, has brought into sharp relief just how dependent the US has become on foreign creditors, chiefly among them China. It has also sharpened the perception of the relative declin...The financial crisis, beginning from 2008, has brought into sharp relief just how dependent the US has become on foreign creditors, chiefly among them China. It has also sharpened the perception of the relative decline of a US- centric West and the relative rise of a China-centric Aria. The changing relationship between the US and China does demand a new tone. The article will be based on the Hegemonic Stability Theory. According to Charles Kindleberger, one of the scholars most closely associated with the theory, the United States should have acted as a lender of last resort in the early 1930s, continuing to keep its financial markets open to investment and its market open to foreign goods, rather than heading down the path of protectionism. With the inability to complete the Doha round of trade negotiations, the rising influence of the Group of 20, and the centrality of China in the climate change negotiations in Copenhagen, it has been proven that ＂ the provision of basic global public goods now demands co-operation between the established powers and emerging countries. ＂ However, today＇s China may be in a position comparable to that of the US in the 1930s and cannot hope to stabilize the world on its own＇ Thus, the article will also investigate the competition between China and the US for sharing fairer burdens to provide public goods. Based on Hegemonic Stability Theory, the world politics will not be stable in the near future because, on the one hand, the US has not enough capability to lead and to enforce the rules of the system, on the other hand, China has no will to establish a hegemonic regime.展开更多
文摘The financial crisis, beginning from 2008, has brought into sharp relief just how dependent the US has become on foreign creditors, chiefly among them China. It has also sharpened the perception of the relative decline of a US- centric West and the relative rise of a China-centric Aria. The changing relationship between the US and China does demand a new tone. The article will be based on the Hegemonic Stability Theory. According to Charles Kindleberger, one of the scholars most closely associated with the theory, the United States should have acted as a lender of last resort in the early 1930s, continuing to keep its financial markets open to investment and its market open to foreign goods, rather than heading down the path of protectionism. With the inability to complete the Doha round of trade negotiations, the rising influence of the Group of 20, and the centrality of China in the climate change negotiations in Copenhagen, it has been proven that ＂ the provision of basic global public goods now demands co-operation between the established powers and emerging countries. ＂ However, today＇s China may be in a position comparable to that of the US in the 1930s and cannot hope to stabilize the world on its own＇ Thus, the article will also investigate the competition between China and the US for sharing fairer burdens to provide public goods. Based on Hegemonic Stability Theory, the world politics will not be stable in the near future because, on the one hand, the US has not enough capability to lead and to enforce the rules of the system, on the other hand, China has no will to establish a hegemonic regime.
