2012 sino-capitalism china's reemergence and the international political economy

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Sino-Capitalism: China's Reemergence and theInternational Political Economy

Christopher A. McNally

World Politics / Volume 64 / Issue 04 / October 2012, pp 741 - 776DOI: 10.1017/S0043887112000202, Published online:

Link to this article: http://journals.cambridge.org/abstract_S0043887112000202

How to cite this article:Christopher A. McNally (2012). Sino-Capitalism: China's Reemergence and theInternational Political Economy. World Politics, 64, pp 741-776 doi:10.1017/S0043887112000202

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Sino-CapitaliSm

C’s Reeergece d e

ier pc Ec

B ChRiStophER a. mcnally*

IntroductIon

thERE s e dub C’s er reeergece re-

reses e e s sgc gec d geecceves der sr. as C’s c ec gs r-ce, s ercs w er jr c eces w segb vues, sus, d ces, ereb resrucurg e er- c ec. “Were C ges?” s us g ke dee e er we-rs ceur.

Scr ses s ques ve red reed ex-s ed ssec reres e er eve, s er res d wer rs er. i s erure

e uure fuece C e er sse s ev debed, d ere s csderbe rge uce d vews.1 J J. merseer d G. J ikeberr er w e s s-e rereses e sg ss s debe.2 prs-g er “esve res,” merseer rgues regrdess C’s desc c su d eggee w e gbcs rder, e cur w seek reg ege Es ass beces re weru. he es “C d e Ued

Ses re desed be dversres s C’s wer grws”3

d, eve

* te ur wud ke k ree us revewers Wrd pcs r er euces, d teres Wrg, tbs e Brk, Vd K. aggrw, De R, d B luejer er vube sgs d es erer drs. Fr er reserc e d sur, e wudke k Grece Ce yu d Srs K, s we s Cde Uvers d e Es-

Wes Ceer.1 Fr -de exr wer rs er s es C, see, er , lev

2008.2 Fr er rederg s debe, see Brzezsk d merseer 2005.3 merseer 2001, 4.

World Politics 64, . 4 (ocber 2012), 741–76

Crg © 2012 trusees prce Uvers

d: S0043887112000202

细微差别

显著的



742 world polItIcs

4 merseer 2010, 2.5 Deg 2006 rvdes vervew vrus dess e “C tre” er.6 ikeberr 2008, 24.

7 ikeberr 2008, 36; s ikeberr 2008b.8 Zeck 2005.9 Breer 2010.10 Ce 2009.11 Seed 2010.

re bu, “C c rse eceu.”4 C’s erreeergece us rereses cer d rese “re” cuedUS dce d e ber rder geer.5

ikeberr, b crs, sees C s beg csred b e Weser-ceered ber rder wc s becg cresg ebedded: “te rse C des ve rgger wrecgegec rs.”6 Rer, “[]e cs decrc wrd s weru csuec r e reserv—d, deed, exes— e exsg er rder.”7 We e Ued Ses cres C’s er reeergece, c srege e b-er er rder d ereb e C e rues d su-s s creed d cues ed.

preg s debe, secd debe s eerged, e uses c ec rewrk. aug s we crszed dcdec uced s e debe er res, s -c ec debe skes u w sr sg vews:eer C cud eerge s dsc re e ber gb ec-c rder r cud bece eesed s “ressbe ske-der.”8

Seeg C s cresg re e ree-rke gbzed

sse, i Breer rgues C s geerg r secs wc e se crs e cdg egs eec e r se-wed, se-ssred, r rve ese- crrs d we uds.9 Breer ds sse cs s ude cbe w e ber er- c ec ceered e Ued Ses, d e ers cresg se erve e deveg wrd sgs sregc rejec ree-rke dcre.

lke Breer, p Ce ss we e gre ecc

cfc e wee ceur ed cs gs mrxs,e be e we-rs ceur w be crcerzed b se ver-sus rke cs.10 i crs ese vews, Edwrd Seedds C s uure re e Weser-ed eccsse bu rer s ke ce .11 C s ggressve



sIno-capItalIsm 743

12 Krbe 2009, 3.13 Krbe 2009, 9–11.

14 Ge 2011.15 Wz 1959.16 te rc ke ere us drws sr r e “e gc w-eve ges” -

c crre e “bck bx” C’s desc c ec ses s eerg-g er re. See pu 1988.

ebrced ewrked rduc, ereb wg e cerr dusr revu, wc vrs ur, u gb r-duc ewrks. t be successu C s d rdc resruc-

ure s desc ec brg ccrd w re rkekecr sses.Zcr Krbe sr rgues “C d e Ued Ses

ve bece e erwed, egred erec: Cerc.”12 i s vew, e b e Ued Ses reve C rssug ke s e er c ec gcu udere s w gb s.13 acve ers desr e gg us e eces aerc d C, s, wud be uu desrucve.

We s c ec debe s cks secc crgr, des ve cer sregs. te debe e csequeces C’s rse wer rs er d re brd erres cuses ecc crs sr s ese fuecewer cbes. as suc, ese debes ve ccurred ere csecur rs, esec w e res erecrewrk, wc r e s r gres secur ssues.14 B crs, e c ec debe es egre e -

c d ecc secs C’s reeergece. i s rjecs edesc c ecc rrgees C’s eerge c-s w e cur g c w e er cec. or, u dere, b dg c ec -rc, scrs c ress e ure d gc C’s descrsr g beer udersdg C’s ssbe -er fuece d bevr.

nur, rces usg ure desc cuses ex er- eecs—“secd ge”15—ed be suce r ex-

g cur’s c reereces. neeess, es c egrg w eves—C’s su rrgees d eresges e desc c ec w C’s eergegb re—c e u ew ersecves.16 We C g vebee r er e er c ec u u e ers g, e crcerscs s desc c ec w



744 world polItIcs

er re ever. aer , s e eergece cs deve-e w C s uesed e rducve rces drvgC’s grwg fuece er rde, ce, dc,

d r rs. Udersdg devees C’s erc ec sud us r egr r sudg C-’s er sce.

te bjecve s rce s cree uced, e cree-sve ersecve e cs C’s rse r e gb -c ec b dg sgs r e sud crvec ec, esec crve css. t ceves c, i exe e bsc eees C’s desc -c ec b rsg e cce S-cs.

W, e, s S-cs?i s cs sse s red gb rec bu e

ders r ag-aerc cs r resecs.17 S-cs rees r busess ewrks rer egcdes d rsre rues. i s ssgs e Cese se ed-g re serg d gudg cs ccuu. C, u-e, s rge deveg ec w dsc scs der egc.

Cer S-cs’s su srucure s uque du- cbes -dw se-ed devee w b-uerereeur rve c ccuu. Fr e s r rvec ccuu C s exbed g ewrked rd r su crcerscs ve ebed erere-eurs verce s r e se d rge cerveres e c eve, were e w rcesses se-ed deve-e r bve d ewrk-bsed devee r bew ed ee.18 as csequece s dc, se-c res

ve bee czed d ve egedered csderbe vr wC. te g ewrked crcer rve c ccuu C s s egred Cese rs c, , d -e gb ked rduc d kwedge ewrks. add,erere, csderbe fueces eg r e gb cssse ve sed S-cs r e usde .

W eerges s uque r cs s crcerzed s uc b er su rrgees rerce ec

17 ag-aerc cs csues geerc r cs bsed ber rkeeces w se vvee e c gds d servces. See h d Ss-kce 2001; r src ed ebr s r cs, see Frede 2006.

18 mcn 2008.



sIno-capItalIsm 745

er s b su rces re e juxsed ces-r, eve seeg crdcr s. ms b, e sce S-cs rereses e rs e sce 1850 e gb c-

s sse s exerecg e rd rse ce-szed c-s wer esuses vues, er vews, d descsu rrgees d wer res re ude dere r se crcerzg e d ag-aercsse cs.19 t reere, ug ce Eured Jese des cs ve src ceged e a-g-aerc de, s s e rs e e wrd s ecuered cs wer w e e rv ag-aerc gbrederce.20

i beg b egrg e sud S-cs w -c rewrks e sud crve cs. i e k se de e desc eees d dcs S-cs. te rgs S-cs usde md C re bref ebred, wed b cus C’s eerge c ec,cudg ewrk cs, se-ed devee, d fueceseg r e gb cs sse. Usg e desc -c ec S-cs s cceu srg , i ve

r e desc eve e gb eve, zg e ssbe -cs r e gb cs sse s S-cs gs er rece. te exe C’s erz e u s used ssec usre e urus -er wc e desc gc S-cs s exressed eer eve. te rce eds b suggesg e cs re urer sud S-cs’s er fueces d re-ereces s C cues s ecc sce e we-rs ce-ur.

comparatIve c apItalIsm and sIno-c apItalIsm

Cerr cs ers g bu cs se. Fr edesc e gb eve, s ever eee c eccrgz d gverce ces cs ucer d v.Sce e d rces crve su -ss—r rs d ecc su scgc d

src rces—ssue e sb su rrge-

19 Fr e sr gb cs, see Frede 2006.20 Fr cceuz cs bewee Eure d aerc css, see aber 1993.



746 world polItIcs

es, ese cr dcu curg e dc sursrs d eedbck s sg cerr cs.

neeess, ere sgs r e sud C’s eerge

c ec c be drw r rewrks e crvecs erure, cudg e vrees cs (VC) -rc.21 te rgs s erure de eers suc s a-drew Sed22 d aexder Gerscekr,23 wse wrks uw cs sses c der ude su ers.Dese e cverge rce devees e gb eve,erere, rked dereces ve eerged g cssus.24 ts s bece eve re re w e dese cus d cer g. as cs’s degc ce-

r ered, er rge egeced rbe ce e re: edereces bewee cs c eces eseves.

te ke crbu e crve cs erure s cuses squre w der cs rereses e-ergeeus rce.25 Cs s s sese c, -erebe bc s degc cere bu rer s cexscecc sse djuss e vrus ws dere -s, cuures, d es.26 i rcur, e VC rc s ds-

gused w geerc vrees: ber rke eces, cef ecs sses derved r ag-aerc rds; d cr-ded rke eces, rereseed b Ger, J, d sev-er nr Eure d ae c eces.27 Ec ese vrees s crcerzed b s w ceer se surrgees. tese ceeres se uque vrees c-s d, equ r, fuece er vve errced ecc ceveess. i s e se surrgees s rsc beer er, bu rer d-

ere ses sus cree dssr ceve dvges eeess c be equ ers ecc errce. Ce-er s us v r udersdg w cs sus

21 h d Sskce 2001. a uber rces ve eer receded r reed e VCrc crve cs. a css exsg es cs d rbe ecus ress bewee e su eures gve e cs d s eccerrce. See Jcks d Deeg 2006.

22 Sed 1965.23 Gerscekr 1962.24

Gdre 1985; Ksce e . 1999.25 Jcks d Deeg 2006.26 aber 1993.27 h d Sskce 2001.



sIno-capItalIsm 747

vr; s, su srs crees dere rjecres -deede su devee ver e.

te VC rc s e w sever crcss.28 Frs s

cuses excusve e ure d surces vr e s-u re sbe c eces dvced dusr -s.29 i us s cure e rc d dc vre ew rs cs eergg rke eces, cudg -c eces sed b se cs d rs fueces.30 pe Scer, r sce, suggess e dc beweeber d crded rke eces s rve s e cure VC d greer e eeds be d edegree seess ereg gve r cs.31 Cer,

sse s we c be cs we guded b se fueces,suc s dcve se g, ubc wers e cdgegs e ec, d e sregc use se sc ceves.

aer jr ssue ccers e ure ceer. C-ces e VC rewrk sw ceer s d-ere sus gg rerce ec er’s ceves, uscreg su cerece w ew crdcr ceves.32 Ecc ceveess eerged r su wc

sus sed cer ses er ged ceves. i s vew,urer VC b e ber d e crded rke ec vrees erred beer xed sses suc s se ud Frce r S.33

ts ess su r cerece beces esec rbec we ed C becuse e cex seerge cs. te ure e cur’s ecc deve-e s bee crcerzed b e d d brdz vre sreges ecc rgz, ecgc v-

, d dusr c. as e wg ss des, e jrcrcersc S-cs s e juxs se-ed deve-e sus -dw d rve erereeur ewrksb-u, e resug crdcr ceves d rc.i S-cs, su ceer s bsed bsccesr ecs wereb su rrgees c-

28 See e excee ss b puss 2005.29 Sreeck d yur 2001.30

nöke d Veger 2009.31 Scer d tdr 2010.32 abe 2003, 60; h d Sskce 2001.33 h d Sskce 2001.



748 world polItIcs

ese r ec er’s wek s rer usg ceves e se drec.

Sever ses gg e rce cesr su-

ceer, sressg sus c bce cerceves, suc s exree se-eresed bevr, d ke u rec er’s dececes.34 tus, le Kewr rgues VC w xed su rrgees c err jus s we s urer,re cere cses.35 ad J Cbe uses e US c crss desre g cere ses su rrgees rerce ec er’s ceves c rece crss, sce e c rerce e wrg ses ceves.36 Cesr susre erere ers jus s r s cere rercg ses

sus, re s.isu ceeres bvus ce dere rs,

d cuerbcg, brd, d eve crdcr ses su-s c cexs w rercg sus. tere s ers erec w rgzg cs. Rer, su v v erg, c srugge, d ce c ver e budsu rsrucures susg cecc sb dcs devee.37

te cceuz S-cs rsed ere s brderd re fud e recse e sc des u rwrd eVC c rewrk.38 i s crdcs se e jr d-gs s rewrk b rsg brd cesr s-u rrgees c wrk jus s we s cere rercgsus. neeess, udersdg S-cs c de-rve eecu gudce r e crve cs erure.39 Frs, crve cs rces gg e eergeeusure cerr cs. a uber src, gegrc,

c, gec, d scecc crs cree dere r- jecres su devee resu ude d-ere su, de, d c rrgees crss egbe. C’s reeergece s us geerg ew r c-s drws Weser, as, scs, d src d derCese eees.

34 Cruc 2005; Cruc 2005b; Cbe 2011.35

Kewr 2006.36 Cbe 2011.37 See Cbe 2011; Cruc 2005; ak 2001.38 abe 2003; h d Sskce 2001.39 Jcks d Deeg 2006.



sIno-capItalIsm 749

Secd, crve cs rces eucde dere s-sbes r w su ceeres c wrk. i S-cs, w ses sus re cer, ec w s w er

gc d er rercg ceves—e se-guded re de erereeur rve re. We ese w ses suscese r ec er’s wekesses d ed, esec e -c eve, e s sd crdsc ec er. added s re subs fueces eg r e gb cs ss-e ve ed e d b ber ag-aercd as devee sus.

F, e sud crve cs drws e be g d e ssve e C’s cs devee.

S-cs s eergg g gbzed sse, re dee egred gb rduc d kwedge ewrks wereerer deveers as. ms sgc, S-cs s bsed w cud e bece e gbe’s rges c ec-. C s jus Ger r J. W 1.3 b ee, su s ur es e sze e Ued Ses, creg er-us ecc e ce, eve gb sce. C’srse us rereses e rs e src e ag-aerc

de cs s bee ceged s exe, ers dg equ rv w cg decdes.

sIno-c apItalIsm

te er S-cs ws rs used w resec verses C-ese c eces, esec Sues as.40 oe c- e er ks tkss, e us eurr,rd-e ecs r exr eed b e rer t re

ser.41 S-cs s cex es ewrked crreeres (bsed r Cese ec) d urr r-ke ces -ds-brred ecc devee.

te cce S-cs eed ere kes ese -ecedes ccu bu s es rvde re seccsu bsed de buds e crve c-s erure. ms ude, S-cs s brd c-ssg sever erreed cdeede cesr su

rrgees. hbrdz eerged becuse C k grdu,

40 K 1997.41 tr 2006.



750 world polItIcs

exere rc ecc rer de use rke-reed rues-bsed, er-ers ewrked, d ss sreges.42 B rccg “ugrded urrs,” C s ud g -

vve ces d sus ser cex ceges; s, “rgug er bewee devee g d c exere” crbued C’s ecc success.43

tree su seres re rcur sgc S-c-s.44 Frs, rer reg ure we-deed d ercedeg cdes, S-cs kes ev use erers re-ss uzg c Cese cuur rs cuve g-er recrc ers ress, kw s guanxi Cese. te resu s e rer r busess ewrks cree

rduc d kwedge cusers, e w gb rec.Secd, s C s e deveer, e re e se s bee

ged. S-cs rereses “Gerscekr Squred” r e cs devee ssgs e Cese se edgre serg d gudg cs ccuu.45 S-csus ecsses ew c se-ed, se-crded, rse-guded cs.

F, C’s rd ecc grw s ccurred g

gbzed er. Erus er ce r rde d - vese s cded Cese ces se exe, esec s ese er C’s er e Wrd trde orgz( wto). Cer, C bsrbed s su rrgeess eered e gb cs sse durg erd egeedgbz. ts brdz s wed se e d ag-aerc sus d vues eer C, creg “rke-ber r se cs.”46

network or GuanxI c apItalIsm

S-cs crres secs e de-c r “C-ese cs” ud verses Cese busess cues.Bsed rrcc srucure wers d cr, -rce ewrks recrc ( guanxi ), d cse er beweec d ecc erereeurs, s bece rerugu Sues as, hg Kg, d tw.47 as C e-

42 pg 2009.43

he 2010, 110.44 mcn 2008.45 Gerscekr 1962.46 e Brk 2010; e Brk 2011; s Cu d S 2010.47 o e de-c r verses Cese cs, see Reddg 1990; as busess

ewrks, see h 1996.



sIno-capItalIsm 751

brked s rer ces er 1978, verses Cese busess -eress were e rs ves. i s rcess, verses d mdCese busess ewrks eded, geerg r C’s exr-

ucurg juggeru. W md C, wever, e re e rd ersc busess dsed, we erce re --bsed ewrks cresed.48

S-cs cer des resebe ure se cssse. tere re cer wss, sce su S-csecsses rduc cusers bsed g erereeur dfexb ewrked sses s d edu-sze rs. Guanxi d er Cese cuur rs sur ese ewrks, ugese rs re e es. mre rues-bsed scec d

kwedge ewrks c ke cer res s we.49

Guanxi r ewrk cs s creed dee srucur cges C’s c ec.50 prve busess eress ve grdu- ged c everge s rkez d c ccuurgressed. ad rer eggg cr, ders r- ve c ve bece cresg ebedded e Cese r-se, creg ce c d ecc ees.51 We ssse s gve rse wdesred crru d re seekg, e

cb les cr d reeess rve c ccuu- s egedered cuus su d.52 te re-su s bee dc ecec s sregeg b se dc uu rercg cces.53

Due b-u erereeur ewrks, e Cese cec cs dsc du r decc: e se crs -ce d e cdg egs dusr, we s ce-ve secrs re d ucurg re ued b rve (breg d desc) r brd wers rs. te Cese se’s

cued dce ver cruc secs e ec s erereeered b e erereeurs d ds C’s ewrk cs. Successu su brdz e Cese ss-e s wed ese w dssr es c ccuu cexs d bece cdeede.

C’s cs devee erere rees csderbe

48 ts s r due e e-cd c d e wrecg sc dscs e mserd. See l 2010.

49

hsu d Sxe 2000.50 mcn 2011.51 Dcks 2008; mcn d Wrg 2010.52 ts 2007.53 te rcess “uu ewere” ue uderes cs devee s bee

cceuzed b K d Sue 1994.



752 world polItIcs

exe rd s- d edu-sce erereeur ve-ures. Sccuur sus suc s guanxi rcces ve wedCese erereeurs k u w se cs, ccess ce,

verce gvere derece, bud rus, d cese r -su ucer.54 C cuur rs d guge sded verses Cese erereeurs eere C’s d-cu vese evre, ereb egrg cs res wer rduc d rkeg ewrks.55

s tate-led development

Se erve s udubed ed cruc re C’scs rs. a e use rers 1979, e Cese

Cus pr (ccp) ced ecc sg e.56 i srezed w er Es as eces d ged gre surs dusrz.57 Uder e eders Deg Xg e ccp us usered e c w sus dsruve deveedcs. Rers sregeed d egzed red exsg u-es e c eve, gvg c cdres c sce r vr-e ever bder ecc rs. Rers e ccp’s ekursse—e sse s ressbe r r erse -

es—s creed ew ceves r cdres rve c ec-c errce.58

te cb ese esures creed e c u r c cdres crcuve cer rues resrcg rke rs-cs, reg vese, d c c ccuu. Cces duced rers uded, were ec s se berz cre-ed ressures r urer berz.59 See r sew d-ere ersecve, -dw les ceves cused eccerrce ecurged c gveres cee vgrus r

vese c. ts erjursdc ce creed r “de c eders” ed e grdu berz C’sec d rggered subs rvees C’s ves-e ce r b desc d reg vesrs.60

Besdes uzg -dw les ceves, e Cese r-se ws be re cr ver e cdg egs e

54 Wk 1999.55 Zweg 2002; hsg 1998.56

nug 1995.57 Cugs 1989.58 hug 1996; Ed 2003.59 Jeers d Rwsk 1994; nug 1995; Sger 1989.60 Zeg 2007.



sIno-capItalIsm 753

ec rugu e rer erd. Se rs d se resercsues cue se s drec devee erves,uderkg rjecs rug w rsks r g ree rzs.61

i dd, bus er se eerrse rer srg ed-1990s creed uc re rbe se secr. ms s dedu-sze se rs were rvzed, we rge se eerrses were crrzed uder e “mder Eerrse Sse.”62 ts - vved e cerer exercse rer rgs uder ew crrzedr srucures, wc eed e dr crre resrucurg, s-gs sck rkes, d re r-drve ceve srucures.63

te rge, cer cred se eerrses were e subsueduder e cr e Se-wed asses Suervs d ad-

sr Css (sasac) 2003. ts css exercsesqus-rusee cr ver se-wed sses. i versees gveredgs, s brds drecrs cjuc w e r’scer orgz Dere, d drecs rge ergers, cb-s, cquss, d dveses. sasac’s re suggessse cr bu s cs eees se crre seerg drsr. Cseque, e Cese se secr s ued b ver rge se-wed eerrses 2006 csued 8 er-

ce dusr rs bu rduced 36 erce dusr vuedded d 44 erce recrded dusr rs.64 Curre, ssgc se rs re r reed d er jr ers re us sed sck rkes. lrge se rs s cue vereere ccess s, d, d subsdes.65

obvus, e se secr cues rge ver e Cesec ec. We se rs rereed r e s ce-ve d es rbe secrs, e ve ke g gr wderge crc dusres. tese cude , gs, d g; e r-

duc bsc rducer gds suc s errus es, see, dercecs; esse ewrk dusres eecucs,rsr, d ues; d jr bkg d c s-us C.

ts drec cr ver ecc ers v se-wed r se-ssred veures cues ebe cer d c ures ce c resurces d gude ecc cves. i dd,

61

n 2001.62 mcn 2002.63 sasac 2003.64 Wdu 2008, 27.65 l d X 2008, 44.



754 world polItIcs

e Cese se s uderke sever ses bureucrc rers. te Cese se bureucrc s w bece uc beer sued e deds deveg d gbzg rke ec.66 te

se, ug, s reed sus ee dusr c.o e s e n Devee d Rer Css, wceerged er e 2003 cer bureucrc rers s ub r seer-g dusr devee d ugrdg.67

tese eures rse se crss w Es as’s “deve-e ses,” bu C’s se rus s s su cere d s ereced rke-crg eds seerve e ec.68 Rer, deed dusr c e-e s e bee rusred b e cex d uceed

ure C’s se rus.69 iese rvres g Cesese geces d c gveres u csderbe ee- csrs dcve g d rke-crg seerves. i c, verg d cgruus eures ve cre-ed grg c gvere erves ru cuer cerces.

neeess, e Cese se s reed erus eew sb ervee e ec v e les r-se, cr

ver e cdg egs dusr d ce, d e subs- regur urvew c d cer se rs. i e ss, C us be see s e deveer uderkg r se-ed devee. Gerscekr’s sgs rvde se cr-ve c ec ers s regrd. i s vew, e g c ec’s er e gb cs sse drec fueces e se s cs.70 Erer d er cs deveers der ude ers e su rrge-es surg c ccuu. Geer, er deveers

e re e se s ged d se crd s uc recse ked g ce d dusr. new su susre ded ece e cc ses crde r eve d-rec ge gre surs dusrz.

C eered e gb cs sse er rge-sce dus-r d c cers were red we esbsed. lke ere deveers, C vrb deed se red deveed

66

Zeg 2004; yg 2004.67 Sc 2004.68 Js 1982; Wde 1990.69 hwe 2006.70 Gerscekr 1962.



sIno-capItalIsm 755

eces, e cg su rrgees d ecges gve se “dvge bckwrdess” b dg bes rccesrd rugu e ec.71 terere, r Gerscekr-

ersecve, C eerges s rd-geer e deveer. t-dw les r-se ceves, se cr ver e rgesrs, d wde rr regur s ve bee cruc crs C’s cs rsr. neeess, s s r c-s rees uque cesr su srucure wereb se cs eures re bced b vbr erereeur- rve c ccuu d, s e ex sec ebres, edevee reve erzed d gb eesedec.

adaptatIon of Global Influences

C’s er e gb cs sse durg er esegbz sds crs e exereces e eces J, Su Kre, tw, hg Kg, d Sgre. tese edeveers ced gb cs ce uder e swr (1945–80) “ebedded bers,” wc esused r g gedsse ecc excges.72 te s beeed r beg r-

e ses e Cd Wr, bg rveged ccess US rkesd ecg.73 C, b crs, begs re ce-rr wve dusrz Es as, wve rug beg e 1980s gsde e cceer eber gbz.

te sregeg rces gbz reseed C wb rues d ceges d csderbe exe sedc. Cred w erer deveers Es as, C dedre ree-rke rces. tese rces cude subs c-cess b reg c C’s ucurg d re secrs;

e reve rd devee sck rkes d esve use hg Kg’s erzed c rkes; d e c Cese bks d rcce sre wers dusr rs.74 Esec ewr s C’s eg reg drec vese. We verses Cese c ed cruc re e begg,

er re gbzed ers used C’s cs res s uc-urg rs, servcg cusers nr aerc, Eure, d J.75

71

te rg ru s sg w regrd ier Ger s Vebe 1915.72 Rugge 1982.73 Subbs 1999.74 lee, h, d l 2002; Cu d S 2010.75 hsg 1998.



756 world polItIcs

F, dese C’s scs egc, ccered ers ve beede crese br-rke fexb, esec regrdg e r-g d dsss eees. ts ws ded b e g d se-

quecg reg drec vese wekeed br’s re eve e re regued se secr.76 C s us bee be esb-s e e s fexbe br rkes e wrd.

Fced w srg er ressures e C’s descec reg rde d c fws, C eered e wto 2001. C’s ccess rc cuded srge ces reduce r brrers d ed dscr gs reg c-es g we bed se greed b er eergg rkeeces, suc s id d Brz.77 neber gbz us

rdded e Cese gvere deve e e ges “b-sr cces” r e rces gbz g devegeces.

Cer, se C’s devee ces, esec ers eess reg vese d rde, sd rked crs Es as’s erer deveers. hwever, er resecs Ceseces ve wed J, tw, d Su Kre que cse.C, , s used rgrs subsdzed vese “sregc

dusres,” ursued exr-ed grw sreg, d suressed d-esc csu we ecurgg g svgs d veseres. ms re, C s wg s as redecessrs b eg excge re crs udervued cur-rec sers exr errce. Dese se ber uses,erere, C’s devee ces eure subs re re se d ve eszed e devee desc dusr d ecg.78

i su, e grw S-cs es e gb ss-

e w be ced w deveg ec , we exbgw degrees su cer d redcb, cs c-sderbe dusr, ecgc, d c cces. hw S-cs w fuece e se gbz kes uure ers ss e ques. hwever, s g ke S-cs w bece e secd s r er gb, s rve s d ag-aerc r cs.

76 Gger 2005.77 Edds, l Crx, d l 2008.78 Edds, l Crx, d l 2008.



sIno-capItalIsm 757

sIno-c apItalIsm In the Global s ystem: the c ase of

InternatIonalIzInG the y uan

C’s src egc, sze, d exsure e rces gb-

z ve gve rse su rrgees cbe Weser, as, scs, d Cese eees, b src dder. S-cs us eerges s uque brd, de e devee red uder ese gbz d bu C-’s dsc src egces.79 Evde, S-cs crsssr w ber-decrc rs cs, esec ag- aerc cs. C s see e evu dsc e- wrk-bsed de r deg w crdcs bewee

cs ccuu d cued r-se ege.80

mrke,eg, d regur reges re r rzed, we secs re csderbe eew ervee rve rs drkes. Cseque, S-cs rees ess eg cdes drsre rues r busess ewrks d erersrus. Vbr erers ewrks s c s c eredres e gb ec.81

pers s r, S-cs us ess rus reerkes d re rus ur se rue d sc rs rec-

rc, sb, d errc. Ecc devee s becreu ged, rer beg e uredcbe d ckerke rces. S-cs’s brd su rrgees—-dw se gudce; b-u ewrks erereeurs; gbegr—us d cr geer s w cssu ceer s srucured, ug e ve rved be que ressve serg cs ccuu. te sce S-cs ue es e gb ec w be

ced w ssec r e deveer esuses ver dere r cs. aug we c redc e uure S-cs’s gb

fuece, ses C’s eerge re e er -c ec eeess w C s ded rge -dsruve ces surve e rues-bsed uer rder.82 C’s ec s bee egred gb b reg u-er su rewrks, esec e wto. ad s r C s

79

Fr e dee src su reservr s sed S-cs, see Fure 2006;d Ges 1996.80 mcn 2011; ts 2007.81 hsg 1998; Zweg 2002.82 Ker 2010; Ge 2011; Seed 2010; lwrece 2008.



758 world polItIcs

s ced w s wto ces d vded ggres-sve re rg cge e ure r rues e rgz.83 a sregc wgess e r C’s eders ebrce e

exsg uers s us re, ug s que cer weer er ves ve bee ure ur r refec ud-e de djuse.

Cer, e eergece S-cs refecs b u-ers rues-bsed bevr—“g ur ge”84—d srg c- use se ces d crs s e “g ed.” teee creve d creesve dusr ces s-er ew edg secrs d ecges s red rggered sever wto cses gs C. Cer, e eecs ese ces ve

bee s aerc rs. as Crd Burke, ce execuve ivg, sr vr, us : “hw d u g gserus subsdes, w-eres s, ce br d sce d gvere sreg ke u n. 1 sr?”85

S-cs eerges s cex ew gb cs rce,crrg ss, fexbe ewrk-drve, d ber rues-bseduers res. C’s sce d sreg e er- c ec erere ew que cse S-c-

s’s brd cesr su ceeres edesc eve: se gudce; fexbe d erereeur ewrks;d gb egr.86 oe se re eucdes S-c-s’s eerge er re ccers C’s ces wrd eer er sse, esec rece es er-ze e u.87 te currec ssue s ers e s ude- ce e ecc res bewee Cd e Ued Ses. hece es c wdw eer c ecc gc S-cs.

lke er e deveers ve rsed eseves r ver we e dusr er, C uses exr-ed grw sr-eg ccuue c d crre reg ecg. i c-rs e vew dvced b e Ued Ses d er dvceddusr eces, Cese eders vew e excge re s rce be deered b e rke bu rer s C’s

83 he d Sdee 2009; pers 2006.84 Seed 2010.85

Wd 2010.86 ts s dvce ure “secd ge” ersecve, wc, s w e res cus er ssec reres, s rrw; see Ge 2011.

87 te Cese u s s reerred s e reb (e ee’s currec); ws rdg rxe 6.3 er US dr Februr 2012.



sIno-capItalIsm 759

brder devee sreg.88 a udervued currec resexrs d ds C s ques deve er c-eve dusres. tere s us e regrd r e dsrs b

er d desc rkes s excge re c cre-es. prces d rke ecss re ere s ed: deve C d ke we d weru. C’s currec c refecs e devees d ss eees S-cs. as Brr Ecegree es, e Cese u “s currec w uc se.”89

Dese er ss rgs, Cese currec ces ve creed s csequeces ve ereced C e erer sse. te ve, deed, creed seg edce

r Cese ckers: e ccuu vs reg excgereserves, g bu $3.2 r er 2012, s wc usbe vesed w-edg US tresur secures.90 We C’sdr dgs re e surce srucur wer d evergever e US, e dgers C’s deedece e US dr dUS c rkes bece cer er e c crss 2008. 91 trde cg drs rze, urg C’s exr secr drec.C’s vs scke drs s seeed cresg rsk, sce

deerr e US ec cud rgger sr devu e dr d ssve ss c r C. hwever, besdes USrkes ere re er rkes rge, qud, d se eug bsrb C’s reg excge ccuus.92 W were ese ve s reserves we reg e b redee e srce, C res deede US c rkes.93

ts deedece d e cresg rsks s dgs ve rd-ded C beg grdu rcess erzg s w cur-rec, e u. i e u cud re r er

re, wud reduce b excge re rsks d rsc css rC’s er rde. Greer use e u er ss see b Cese ees s w ece c deedece.94

te c esures d su rrgees C s e-ed s regrd refec cer eees S-cs. pc

88 Kreber 2011.89 Ecegree 2011, 7.90 Kreber 2011.91 Fr ss C’s e c wer e er sse, see Drezer

2009.92 te ccers C us re se Eure wers deede e US dr e ru-u e cse e Bre Wds sse 1971. See Ker 2010.

93 mer 2010.94 Bcrd 2011, 48.



760 world polItIcs

ves uder S-cs ve bee cuus d exere,cbg “ees” g w exrve d vve c exere.95 as s rc rers e desc c

ec, erere, C s ke cuus d rgc esures ddressg s deedece e US dr. Cese c s ex-ereed w vve ber, ewrked, d uer -su sus.

Bsc, ree ke ecss ve bee eed ser eerz e u: ewrked rc vvg C-’s srwg erereeur ewrks cb w se c-rd s sered s ber er ccrds erze e u; e cve use gb ce, cudg

er c ceers d sus, cree d bsrbsre s u; d e cued dce se crver u c fws d u C.

aer eggg e u e dr r 1997 2005, Cgrdu, s d srs, wed e u rece. B u-zg rgc, exere, d se-b-se rc, Ced r u-sce berz bu rer r grdu, se-cred rec e u. ts c s d sever dv-

ges: creed urer ecs—e excge re— crdesc f; ver e de e ucurg urcew-vue-dded gds ess rcve, us geerg ceves rexrers ve u e ecg dder; d defeced seexe er crcs C’s currec ces we re-g esure sb d redcb e excge re.96

te drwbck s bee ke e u “e-w be,” sce sees rece ver e vs-à-vs e US dr. h e fws ke dvge s ve, r, crbued e vs c-

cuu reg excge reserves C. t ree C rs rece ccuug US drs, rer creesve c esures erze e u re w beg ke, esec sce 2009. tese ces re eded e e dr burer sud be see s edgg gs e ere rsks erer sse ded b e dr.97 over, C’sc ves ve bee ssced, cuus, d ressbe.98

i e wke e c crss 2008, Zu Xcu, e

95 he 2010.96 Kreber 2011.97 Drezer 2010; Gres 2009.98 mer 2010.



sIno-capItalIsm 761

gverr e pee’s Bk C, ced r e cre sursvereg reserve currec bsed e ier mer Fud’s (Imf ) sec drwg rgs (sdr s).99 Zu dvced exd-

g e re sdr

s s seee currec, d C dd subse-que subscrbe exs Imf c b bug sdr s. tessue uerzg e er er sse v sdr s ws rsed b C sever re es rugu 2009, exsg es rerc uers be. neeess, due s -c, ecc, d su crs, sdr s re uke beceserus cers e US dr.100 Cer, C s kee ecessr rcc ses, suc s creg qud rke sdr s, cud urer s g.101

Rer, C sce 2009 s ved re rceu brde eer use s w currec—vg e drec k-g e u e reserve currec cud e d rve US dr. te ces ke b C cbe e use er- c ewrks d se cr erze e u. t beg, ures ve ecurged e use u C’s -er rde, ucg augus 2011 crss-brder rdeseees u w exd r we rvces e we

cur.102

Srg r zer er 2009, bu 7 erce e vue C’s er rde ws beg seed u b d-2011.103

a e se e, C s ke ewrked rc, be -dw d se crded, ser e ervb d use e u. Ber currec sw greees w cer bks wr bs drs ve bee sged u-rze e use u see es r cerc rscs. ts gves er cer bks e cc brrw u, esec

durg c rke dsrus, d ws e dvers er reserves. C red s sged ue-er currec swgreees w eces Sues as d bed, cud-g arge, iced, Su Kre, Berus, d Russ.104 i 2011C sged currec sw greees w Uzbeks, mg,d Kzks,105 s we s w new Zed.106 ad See-

99 Zu 2009.100 tdkr 2010; Ecegree 2011; Drezer 2010, 402–3.101 Ecegree 2011, 140.

102 Wg 2011.103 Gr d G 2011, 1; Economist 2011.104 Kug 2011.105 Wg 2011.106 Reuers 2011.



762 world polItIcs

ber 6, 2011, nger uced wud ur 5 10 erce sreg excge reserves u sses dvers s reserves dsrege cer w C. as er cses, nger s

sg sw rrgee w e pee’s Bk C d urcse u-deed bds drec e Ceseerbk rke r bu u sses hg Kg.107

ierzg e u s drec beeed r C’ssrwg ewrks rve erereeurs, w rducede u s edu excge Sues as d Cer as.mre rece, rge us u ve fwed arc v r- ve rdg ewrks ceered C d e gr Ceseerereeurs. as ld Sus, gverr e nger cer

bk, ed, “Reb re red beg rded e srees n-ger, s s sws e rke s ed us d we re jus ccgu.”108

Besdes -dw se-crded ewrks d b-u e-rereeur ewrks, e use er c ceers es-bs sre u rdg rs csues ke ecs.ms r s bee hg Kg’s eergece s u srerdg ceer, we te, Sgre, d ld re vg r s

busess s we. hg Kg w ers u currec dess, r-eg excge, d vrus vese veces.109 a csderbe u dess s red hg Kg s resu seg rde e Cese currec, we u-deed bds—d subds—d ew eques re w vbe s sre vese veces.110

mjr er bks, suc s hsbc d Sdrd Crered,re s rcg e u sre busess, rvdg deskg, rde seee, d crre ccu servces vrus

cures. add, Cese-uded bks re exdg erverses resece, esbsg sre u rdg cs.111 i augus 2011, r exe, e lusk brc e Bk C Zb bece e rs arc er u cs bkg servces,cudg dess d reces.112

neeess, svg d vesg sre u re rbe-

107 Wg 2011.108 Wg 2011.109

Want China Times 2011.110 D-su bds cude Cese resur bds, se bk bds, d bds ssued b bCese d reg eerrses hg Kg deed u.

111 h 2011.112 Wall Street Journal 2011.



sIno-capItalIsm 763

c. Fr exe, b e ed Jue 2011 ere were 4.7 u hgKg dess r ever 1 u d-su deb.113 S u, becuse qud d ed rkes ere re suce ws rb

rk u sre. te Cese gvere s rg ddress ssrcg b creg desged su “ees” ue u d u C. aug s csues se desrexg src c crs, e Cese se res uecr ver e fws. mecss cude e sw greees wcer bks d wg rge reg c sus, suc shsbc, crese e u veses e c ke Cesebd d erbk rkes. a rece rs buds exdge Qued Freg isu ivesr rgr red ce

sce 2002 w reg vesrs use u cqured verses vcrss-brder rde seees, sre u bd ssuce, d sreses ke drec veses C.114

a e bve eees—se-crded d erereeurewrks sred e use e u verses; e sregc u-z er c ceers d sus esbssre u rkes; d cued se cr ver “ees” b wc u c eer d ex C—ber e rks S-

cs’s desc c ecc rrgees. Fude,e sreg es bee r e erz e u, we useg C’s devee de. C’s c- ccu res r regued, bu grdu “ees” w-g sre u uds fw bck C re beg wdeed, recd r C eveu rsr e u reservecurrec.

ms ss, ug, see e u e er edu er sr r red ceve reserve currec sus d rece e US

dr.115 a reserve currec requres se, qud, d w-rsk ssesrded rsre d e rkes reg vesrs c es- bu d se. C’s csed c ccu fes e ce s.Bsc, C’s devee de rees dsrus rkes ree se rces, cudg r e excge re d desc er-es res.116 a csed c ccu uders se cr des-c ce ce svgs se bks c e surse-crded vese rjecs w w-cs c. “C’s

113 Deb vued ssue rce; see Economist 2011.114 hg d Zg 2011.115 Drezer 2010; Bwes d Wg 2008; Seser 2008; Kreber 2011; Rub 2009.116 Kreber 2011.



764 world polItIcs

s er gee d c devee sbee bsed csed-ec sse.”117 ts s kes s ssbe cree eecve reserve currec, sce ere

cud be subs css d rsks were C e s c c-cu reg r fws. We s bed e sce s rce rgue r r gs

e e e u bece reserve currec, e cesd su sreg eed b C erze e u d sugges e ssbe er cs S-cs.Uquesb, drec rs S-cs’s desc -su rrgees d de reces e erre s rbec. neeess, e bve exr sws

S-cs’s er reverbers bud desc s-us d reces. S-cs s sse sregc e-s rkes, ug esses r udes er. We ecessr, e sse s wg csr, ue, dcr rkes w ss esures.

te u s cer se-cred currec, e e s sred-g er use v b se-ked ewrks d re ure rve es. i cud g er rece b e u

berz C’s c rkes bu rer b esured dcred berzs vvg sre rdg ceers d desg-ed ees cr c fws d u C. ideed,e u s cer dvges dubers s uure sus s reserve currec ed dsregrd: C w s be e bggesrder e er sse d rge c exrer; e us see s cresg se b rsk-verse reg vesrs; d,ers s r, s grdu bu reeess rec s sr de rcve vese .118

ImplIcatIons: sIno-c apItalIsm versus

anGlo-amerIcan c apItalIsm?

S-cs’s cege e ber er c ec- s bee ed s r. hsrc, e deveers ve d ver e fuece ver w e er c ec ucsd us ve d djus s rues, sus, d wer re-

s. isus re b ure sw cge, d ere s us c-sderbe g bewee ecc scedce d cu fuece ver117 aders 2011.118 Subr 2011, r sce, kes sgue vew e u’s uure gb fuece.



sIno-capItalIsm 765

e gb c ec.119 C s exce, d eer wse Ued Ses. Fr sce, e US dr ged erre er 1907, g er e Ued Ses verk e Ued

Kgd ggrege ecc sze.120

Crve sekg, erere, e erz e u s ccurrg rer er sge C’s devee.121 iexresses w C’s seer sze s dcve s csderbe -c e gb c ec eve s S-cs res s g-grw devee se. Ue, e gb c-s sse s exerecg r e rs e sce 1850 e rd rse ce-szed cs wer esuses des, sus,d eress ude dere r se ag-aerc

cs. te esures ke erze e u re gd refec-

S-cs’s su rrgees e desceve, suc s -dw se crd, b-u erereeurewrks, d cused gb egr. te desc cec S-cs us c serve s srg r u-dersdg C’s rese d ssbe uure reereces e -er c ec.

Frs d res, S-cs s brd. C’s de devee s ded ber ees, suc s eess regvese d fexbe br rkes, we s geerg r cs ude dere r e vrs ve becegb d. a rece erers ewrks rer cer d rsre rues, s we s e re re ese, ces S-cs usde e vrees cs erues-bsed er rder s s r ccded.122

Udubed, C’s currec ces sg ver dere -

ude wrd e re rkes, b desc d er. teCese gvere s u eg s c secr er- c fws. ts s served C we, sce reve csedc ccu s rvded C w csderbe su rsecuve cks d e vgres e er c ss-e. S-cs erere erceves rkes ve be cre-u ged rer e er w devces. te re ere s brder se-guded sreg creg er

119

Ker 2010.120 Ecegree 2011.121 te e s sred be erzed e 1980s s J red d reced d-

vced dusr sus. See Ecegree 2011, 45.122 Ker 2010.



766 world polItIcs

ceve c ec. i s rcur s resec ebsc reces S-cs d ag-aerc cs reke cee e gverce e er c ec-

. We S-cs res cer subrde ag-aer-c cs gb ssec ers, C’s ggrege ecce es S-cs s red vg ssve c. te cce S-cs d s ssbe ceges a-g-aerc cs c us r c ec debes C’s uure fuece. as mce aber rgued w resec ag-aerc cs d e “Re” cs nrerEure, ere re dere des cs e er

sse re uke cverge r ed; e re sed sed cege ec er r gb fuece.123 Crresdg, cec debes srk dc regrdg S-cs’sssbe reereces vs-à-vs e er sse: C cudeerge s dsc re e ber gb ecc rder r ed w , eve rerce .

aurs suc s Breer see S-cs s r secs wc “e se cs s e d ecc er

d uses rkes rr r c g.”124

S-cs der rs se cs re erere ude c-be w ree-rke gbzed sse, sce cresg se erve rereses sregc rejec ree-rke dcre.

Breer sees C s e wrd’s edg rcer secs, bu e cure s suce uced. S-cs suc re cex ure cces se cs. i -crres vrus ber ecc ees d e creve use r-ke rces, we ecssg vbr, g ewrked, d gb

egred erereeur rs e w brd r ure rvewers. m se rs re s reque r drve, seekgrkes r resurces r cerc ress rer ure uc gs.

Seed rereses e er sde e debe eszge ewrked rduc C s ggressve ebrced u-der S-cs.125 Fr , C s successu resrucured sec ccrd w re rkeke cr sses, d s

bece “cs cr eed u s desc dusr 123 aber 1993.124 Breer 2010, 5.125 Seed 2010.



sIno-capItalIsm 767

gb rs d wed e . . . C ew srucure gb rduc.”126 C s erere re e Weser-ed ecc sse bu rer s ke ce . ad e dee

gb eese S-cs cud eve see C’s ur-r w gverg bece cresg bsee. ag, e cce S-cs sws e eed ve be-

d dcus debes C’s ssbe uure fueces. terse S-cs s uke be e-des, s s rd-ded w cexes d crdcs. ts de cs sbsed dsc cesr su ceer, du- ebes se-guded cs ccuu cexs wb-u erereeur rces d csderbe gb fueces.

lkewse, e sud S-cs c r debes erres. aug ssec reres, esec e rccsrucure e er sse, re r crs fuecgse bevr, e re e es d s.127 i crs e vews reseed b merseer d b srucur ress ge-er, s que rgube e reres e er ssere udergg rcess cs cge, esec w e dve ucer wes.128 mrever, sse-eve ss us ke

ccu e ure gb cs ce d e ce-ves crees r s rc e bes u, rgz,d vve c.129

i s regrd, e sud S-cs grees w ikeberr “[]e U.S.-C wer rs c be ver dere rse e s becuse C ces er rder s u-de dere r se s rsg ses cred.”130 ye s quesbe w exe ber rder s “rder verur d eser j” 131 ever bere c wsd e rse

S-cs. Eve w revgred US eders d ccereders sk e rs e gb ber rder s dee s ssbe,e c S-cs s ke be dsruve.

te Weser sse, esec s eber ag-aercr, s bu secc rces r w cs sud uc.S-cs des u sre ese rces. Fr sure, rs

126 Seed 2010, 226.127 ideed, r edess cs ccuu rceed, e rcc eures e erse

sse us be bced b cere d rder eures. See Werse 2004, 56–57.128 See Brzezsk’s rgues Brzezsk d merseer 2005, 48–49.129 Weede 2010.130 ikeberr 2008, 24.131 ikeberr 2008b, 91.



768 world polItIcs

cs ve beeed r e eess d exsveess e Weser ber swr rder. Bu w e berz erce e 1980s, e sse s deveed e g (s

bere 1914) dee crdcs udere s sb.132

tec crss 2008 us s rvded C’s eders w ew evdece egeed se gee w er r-ec r e ur excesses ree rkes bu s s cvceder eergg rke eces ve w r e reces ag-aerc cs.133 oe g erre s e se cs s e gc su es b wc wekerers e gb sse c wsd e seer wer er- c fws d successu cee r scrce resurces

e gb rce cure sres e ex edg secr.134

conclusIon

as C reeerges, e er c ec w be ced w ssve cs wer s uke ee u cr-be w e reces ag-aerc ber rke cs.C e ber rder djus s d crre S-cs

(d er rs eergg css, suc s Brz’s d id’s)?Sce S-cs res reve wek d s b sbssd rvr w esbsed ecc wers, s ques c ebe swered. Cer, rge dses cer d sred ur ver e gb sse exs g e jr wers.

ac, eg e cceu es crve -c ec exre C’s er sce es u ew rces dd ve des esbsed eres -er res d wer rs er. te ersecve

S-cs c rvde re egrve d ecssg -ers e ssbe gb fueces cud ee r C. We “100 erce su,” use Bruce Ge’s erg, ges bed e “ur erce su” res eres wc re s r gre secur, de, d desc ssues.135

t be cer, e sud S-cs des e de-rve deersc rgue r gve uce r e srucure C’s eerge c ec. Rer, es cure

132 Frede 2006.133 Breer 2010.134 mdesk d ts 1996.135 Ge 2011, 810.



sIno-capItalIsm 769

creesve s e desc dcs C’s eergec ec d ereb geere crc sgs ccergC’s ke reereces r e uure e er c

ec. i dd, e sud S-cs cscus vewswer s udes, eg u d res wcC c eerge s gb ssec fuece. tug se,gec rvr bsed r wer s e re. oerres g eerge s re sgc, ssb eg u ew -rues r S-cs rse. Fr sce, e er-z e u g grdu ece C’s c werd deedece, wg c w US c ege.

te sud S-cs erere es ecurge re

exsve ersecves ccerg e ke csequeces C’srse. We S-cs g wer w uder e weg d d urr se, s re ke cue beg dve d rese. i c, e uque cesr s-u ceeres rvded b S-cs—-dwse gudce; b-u ewrks erereeurs d vrs;gb egr—sud be uderesed.136 S-cserere rereses eergg sse gb cs ceered

C s rducg dc x uu deedece, s-bss, ce, d rc w e s d ag-aer-c de cs.

over e, s S-cs gs gb rce, s re-ces re cer wde e cege e ag-aerc de,cusg greer rc d erg e gb cs sus qu. ared e er c csesus s sred vg w r e ure eber ag-aerc sce e 1990s e-brce re se-ged sus.137 i s sese, e sud S-

cs sre ew ersecves e csequeces C’s rse, bu s r rekg e ure dgc cerr cs se.138

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