Future of Multilateralism and Globalization in the Age of the U.S.–China Rivalry

Norbert Gaillard is an economist and independent consultant (www.norbertgaillard.com).Fumihito Gotoh is a Lecturer in East Asian Studies at the University of Sheffield.Rick Michalek is a New York-based independent legal and financial consultant.

"The Future of Multilateralism and Globalisation in the Age of US-China Rivalry is a fascinating and timely volume of the highest quality. The volume brings together a group of leading scholars with policy expertise to examine the political economy of China’s challenge to the liberal order and the response of the US and other powers in the cases of manufacturing, finance, trade, institutions, standards, development assistance, supply chains, climate change and regional political and security cooperation. There is no other volume with this range of coverage and expertise that tackles these pressing contemporary issues with such insight and critique. The volume is required reading for academics, policy analysts and advanced students."Christopher W. Hughes, Professor of International Politics & Japanese Studies, Department of Politics and International Studies, University of Warwick"A serious book from expert scholars and financial practitioners, exploring how the most pivotal relationship in the world, the US-China rivalry, is reshaping the world economy and the international order. It provides new insight into how US-China economic interdependence has turned into tension and rivalry – for instance how a convergence of US and China’s capitalisms has given rise to the US-China tensions, not their purported differences. A valuable resource on how reckless financialization of the US economy, China’s unconventional role in the WTO, Chinese development lending and debt restructuring practices, and US-China competition and cooperation in global standard setting are recasting the global economy. This comprehensive study draws attention to the major dilemmas posed by geopolitics, pandemics, and climate change, and it invites us to reflect on how the US, China and others should respond."Gregory T. Chin, Associate Professor, Department of Politics, York University & Mayling Birney Global Scholar (2022-23), The London School of Economics and Political Science"This volume provides a clear account of the challenges the liberal international order has to face in a context of a rising US-China rivalry. More importantly it also offers recommendations as to how to shift to a "post-globalized" world. A must read for people interested in understanding the present international economic system and where it is heading."Françoise Nicolas, Center for Asian Studies, Ifri, Paris.

• 1. Globalization and the liberal international order threatened by the U.S.-China rivalry Norbert Gaillard, Fumihito Gotoh and Rick Michalek PART I – CHINESE AND U.S. CAPTALISMS 2. Is Chinese capitalism developmental or neoliberal?: Comparison with the Japanese and American models Fumihito Gotoh and Yu-Wai Vic Li 3. Features of U.S. financial capitalism Norbert Gaillard and Rick Michalek PART II – THE FLAWS IN THE MULTILATERAL SYSTEM 4. Free riding on the surplus of trade: China, the WTO, and Western acquiescence Robert Gmeiner 5. The international financial architecture under pressure Norbert Gaillard and Michael Waibel 6. Twenty years of prudential rules: unfulfilled promises and challenges ahead Elisabetta Montanaro 7. China, technical standardization, and the future of globalization John Seaman PART III – COMPETITION AND RIVALRY BETWEEN CHINA AND THE UNITED STATES 8. China’s challenge to the global development finance regime and the western response David Skidmore 9. Belt and Road Initiative and the Indo-Pacific Strategy: Coexistence of a Sino-centered regional order with the current alignment of like-minded liberal democracies Tai Wei Lim 10. Latin American and Caribbean cooperation with China and the United States during the COVID-19 pandemic Kim Emmanuel PART IV – REVAMPING THE LIBERAL INTERNATIONAL ORDER 11. Global climate change governance – Three models into one? Andy Hira and Ronaldo Au-Yeung 12. Blueprint for a successful post-globalization Norbert Gaillard