The ordoliberal turn? Getting China and global economic governance right
2015 (English)In: Global Affairs, ISSN 2334-0460, E-ISSN 2334-0479Article in journal (Refereed) Published
In recent commentary on global economic governance seeking to explain the outcome of the huge recession of 2008, arguments abound about the remarkable staying power of American hegemony and the formidable resilience of the liberal international order. This somewhat myopic argument seriously neglects Sino-western collaboration – within the framework of what I contend is an ordoliberal turn. Two questions were posed. First, why was the US-led order and the global neoliberal project not pushed back during the worldwide financial crisis of 2008? Second, why does contemporary global capitalism continue to be infused by neoliberal thinking, despite the 2008 crisis? It is argued that China must be conceptualized as neoliberal, albeit in a state-capitalist form, otherwise the surprising robustness of the global neoliberal project is exaggeratedly credited to the United States. Moreover, China's evolving ordoliberal political economy is a crucial part of mutual interdependence and global economic governance supporting the project of neoliberal practices after 2008. Finally, it is argued that the workings of Chinese ordoliberalism could propel within-order change of the values and ethos of the American-led world order.
Place, publisher, year, edition, pages
Political economy, global governance, China
IdentifiersURN: urn:nbn:se:su:diva-125053DOI: 10.1080/23340460.2015.1077610OAI: oai:DiVA.org:su-125053DiVA: diva2:891543
ProjectsDIVIDED DEVELOPMENT - Western and Chinese Development Redux: Clash or Convergence
FunderSwedish Research Council, SWE-2012-080