Conventional wisdom holds that China's burgeoning economic power
has reduced the United States to little more than a customer and
borrower of Beijing. The rise of China, many feel, necessarily
means the decline of the West--the United States in particular.
Not so, writes Edward Steinfeld. If anything, China's economic
emergence is good for America. In this fascinating new book,
Steinfeld asserts that China's growth is fortifying American
commercial supremacy, because (as the title says) China is playing
our game. By seeking to realize its dream of modernization by
integrating itself into the Western economic order, China is
playing by our rules, reinforcing the dominance of our companies
and regulatory institutions. The impact of the outside world has
been largely beneficial to China's development, but also enormously
disruptive. China has in many ways handed over--outsourced--the
remaking of its domestic economy and domestic institutions to
foreign companies and foreign rule-making authorities. For Chinese
companies now, participation in global production also means
obedience to foreign rules. At the same time, even as these
companies assemble products for export to the West, the most
valuable components for those products come from the West.
America's share of global manufacturing, by value, has actually
increased since 1990. Within China, the R&D centers established
by Western companies attract the country's best scientists and
engineers, and harness that talent to global, rather than
indigenous Chinese, innovation efforts. In many ways, both Chinese
and American society are benefiting as a result. That said, the
pressures on China are intense. China is modeling its economy on
the United States, with vast consequences in a country with a small
fraction of America's per-capita income and scarcely any social
safety net. Walmartization is not something that Asian
manufacturing power is doing to us; rather, it is how we are
transforming China.
From outsourcing to energy, Steinfeld overturns the conventional
wisdom in this incisive and richly researched account.
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