The China Boom

September 28, 2015
In this challenging but informative study, Hung, a sociology professor at Johns Hopkins University, traces the formation of the modern Chinese economy and, per the title, sheds doubt on notions of China's rising dominance. In light of the country's recent stock market crash, this timely work provides valuable insights into the development of its economy, though these may be too scholarly for a non-academic audience. The opening sections about China's history of commerce will be fascinating and accessible even for casual lay readers. Hung describes how an influx of American silver in the 18th century created the first commercial boom, albeit without triggering capitalism and industrialization. This was followed by a period of economic deterioration and "agricultural involution" in the 19th century. Hung goes onto the early 20th-century era of competing warlords, and through the Mao period up to modern-day China's capitalist boom, which continued almost unaffected through the 2008 recession. As Hung enters the body of his analysis, the writing becomes more academic and potentially inaccessible for non-specialists. Nonetheless, his research is compelling and paints a convincing picture that China may not be the superpower many predicted it to be.

October 15, 2015

In the wake of China's unprecedented growth and recent military expansion, many see China poised to replace the United States as the next hegemonic power. Hung (sociology, Johns Hopkins; Protest with Chinese Characteristics) argues that by purchasing U.S. bonds, China reinforces the global dollar standard and by extension this country's economic capacity. Divided into two parts, the book first sets out to provide an overview of the development of capitalism in China, a task the author undertakes while, interestingly, arguing that Maosim fits within the Chinese capitalist progression. Second, it seeks to examine the global impact of China's "capitalist boom." The author accomplishes both goals while providing a provocative, albeit somewhat socialist-leaning, account of the history of Chinese capitalism. He claims that the impacts of Chinese growth are felt in the developing world, but that "China has not challenged U.S. global dominance despite its leaders' postures and nationalistic press's rhetoric. On the contrary, it has been a key force in helping perpetuate U.S. global dominance." VERDICT This valuable treatise will appeal to both scholars and more casual readers with an interest in China.--Casey Watters, Shanghai Jiao Tong Univ.

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