2023 10 10
Daniele Langiu, daniele.langiu@gmail.com
Fabio Sdogati, sdogati@gsom.polimi.it
Introduction
Few still doubt that the process of moving beyond the China-U.S. cooperative model prevalent until 2017 is proceeding apace. Under this model, which we have illustrated and discussed for example here and here, China accumulated growing trade surpluses vis-à-vis the U.S., the balance of which was largely allocated to the purchase of securities issued by the U.S. government. In a nutshell, the model produced industrialization for China and public, and indirectly private, debt financing for the Us.
As with all major transition episodes, there is a gap between the reality of the material change, the ‘transition’, and the language we can use to represent, to model, to interpret the phenomena that give substance to the change. That said, we therefore feel it would be useful to have a ‘glossary’ available to help clarify the meaning we attribute to the terms used in the current transition debate. We have, of course, little interest in a normative approach; rather, we want to clarify the meaning we associate to the terms used in the debate in the hope that this will also be the way other researchers interpret them. Moreover, we do not want to produce a list of terms, rather, we want to clarify the context in which the terms we choose are being used in the debate.
Continue reading “A glossary to interpret the terms of the debate about the process of re-globalization / regionalization[1]”