Globalization is possibly the most important economic phenomenon of the past several decades. Opening borders, increasing trade and deepening integration has transformed our economies, our societies and our politics. Globalization changed establishment politics; the reaction against it transformed those against the establishment.
Everyone looks to Singapore as a role model for what they want their country to be. Several countries from China to Rwanda hope to emulate its high administrative competence, standard of living, and “social harmony”. Post-Brexit Britain wants to copy the city-state’s assertive and independent position in the world economy and its aggressive support for…
In 2015, the Paris Climate Agreement hinged on a recalcitrant India. Prime Minister Modi knew that restricting coal could imperil the promises he’d made to the 300 million Indians still living without electricity. Nonetheless, he assented to the Agreement after a meeting with US President Barack Obama. Modi wasn’t won over with arguments over climate…
Entering the 21st century, however, slowing economic growth, an ageing population, global competition, and widening income dispersion have put the Singapore System under strain. This has prompted a significant refresh of social and economic policies over the past 15-20 years.
Opium’s role in the history of East Asia has been well-documented, most notably perhaps in Julia Lovell’s definitive 2011 book The Opium War. This, and others like it, deal with the issue mostly from the perspective of the consuming countries, in particular China; Thomas Manuel’s Opium Inc. is noteworthy in focusing just as much on…
We think we know the history of China’s opening to the outside world. Maoist China was closed off, until Deng Xiaoping decided to reform the economy and open up to international trade, leading to the economic powerhouse we see today.
Viewed from a perch in Hong Kong, one of the most striking things about Lion City, Jeevan Vasagar’s new book on Singapore, Hong Kong’s best frenemy, is that it includes nary a mention of Asia’s World City.
The question of how a state committed to Communism became the world’s biggest trading nation in markets dominated largely by capitalist countries, controlling industries and setting prices, has long been puzzling. Author Jason M Kelly, in Market Maoists, provides a sober, detailed account of the way modern China came to see that global trade could…
The Tyranny of Nations places the ground-shaking political and economic events of modern times in context. Palak Patel draws on his experience investing in government bond markets to demonstrate how the present fits a specific historical pattern that has defined the past 500 years.
It is not unusual for journalists from leading publications to turn their hand to books, but it is less usual for such books to have started off in Chinese. Jin Xu is senior editor and chief financial commentator at the Financial Times Chinese and her 2017 monetary history of China, Empire of Silver, has just…
Why did modern capitalism not arise in late imperial China? One famous answer comes from Max Weber, whose The Protestant Ethic and the Spirit of Capitalism gave a canonical analysis of religious and cultural factors in early modern European economic development. In The Religions of China, Weber contended that China lacked the crucial religious impetus…
Around the Chinese New Year period, millions of Chinese migrant workers return home from jobs in China’s major cities to their rural villages to visit their families. China’s urban centers and factory towns rely on migrant workers from provinces like Guizhou: places that are still relatively underdeveloped, despite the massive growth seen on China’s coasts….
The COVID-19 pandemic has affected every country around the world in a manner not seen since the Great Financial Crisis of 2008, and is perhaps one of the most transformative events in decades. Most countries and governments have played catch-up to the pandemic, trying to get a handle on case numbers after an explosive increase….
Titling a book The Myth of Chinese Capitalism invites prospective readers to expect an unraveling of this singular, definite-articled story. It also suggests, to this reader at least, weighty theoretical contents, including perhaps tables and pie-charts. Dexter Roberts’s book is no work of dense economic theory, however, nor does it pretend to have uncovered some…
If 2020 ends up being remembered as a pivotal year along the lines of 1914, perhaps as the year the 21st century actually began, COVID-19 is likely to be the main cause. Much of what was considered “normal” in everything from everyday life to geopolitics has been swept away. What hasn’t changed, however, is that…