The Dynamics of the Current Global Restructuring and Contemporary Framework of the US–China Trade War
Global Journal of Emerging Market Economies, Vol. 12, No. 1, pp. 4-23.
33 Pages Posted: 13 Feb 2020 Last revised: 3 Mar 2020
Date Written: January 20, 2020
The current escalation of the US–China trade war shows that the dynamics of the crisis and restructuring of the global socioeconomic system are in an accelerating phase. In the present study, we seek to explore the fundamental dimensions and future directions of the US–China trade war and delineate a conceptual framework for understanding its significance for restructuring of the global system. Through some representative scientific contributions to the study on the US–China trade war, we find an increasing emphasis on the declining and repositioning of US global hegemony, which the earlier optimistic theoretical forecasts did not manage to predict. By linking the dynamics of the crisis and restructuring of the global socioeconomic system to the forces of innovation and change management, we argue that this trade war is yet another proof of the gradual restructuring of global equilibriums. These alterations of the structures of the global system seem to lead to the creation of a new equilibrium regime we call “new globalization,” which requires the gradual construction of a new global architecture.
Keywords: Globalization Crisis and Restructuring, Us–China Trade War, Innovation, Creative Destruction, New Globalization
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