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A world turned upside down: the rise of China and the relative economic decline of the West

A world turned upside down: the rise of China and the relative economic decline of the West The last 30 years have seen a dramatic reshaping of the geography of the world economy. China and the Asia-Pacific region have witnessed rapid economic growth. Drawing on Wallerstein’s and Hobson’s work on the changing structure of the world economy and focusing on a number of economic changes that have taken over the last 30 years, including a analysis of changes in gross domestic product (GDP) manufacturing output, exports, foreign trade balances and GDP per capita, this paper concludes that, on most measures, the West is clearly in long-term relative economic decline and that the rate of change has increased since the 2008 global financial crisis. The centre of gravity of the world economy has undeniably shifted from West to East. http://www.deepdyve.com/assets/images/DeepDyve-Logo-lg.png Area Development and Policy Taylor & Francis

A world turned upside down: the rise of China and the relative economic decline of the West

Hamnett, Chris
Area Development and Policy , Volume 3 (2): 18 – May 4, 2018
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A world turned upside down: the rise of China and the relative economic decline of the West

Abstract

The last 30 years have seen a dramatic reshaping of the geography of the world economy. China and the Asia-Pacific region have witnessed rapid economic growth. Drawing on Wallerstein’s and Hobson’s work on the changing structure of the world economy and focusing on a number of economic changes that have taken over the last 30 years, including a analysis of changes in gross domestic product (GDP) manufacturing output, exports, foreign trade balances and GDP per capita,...
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Publisher
Taylor & Francis
Copyright
© 2018 Regional Studies Association
ISSN
2379-2957
eISSN
2379-2949
DOI
10.1080/23792949.2018.1439392
Publisher site
See Article on Publisher Site

Abstract

The last 30 years have seen a dramatic reshaping of the geography of the world economy. China and the Asia-Pacific region have witnessed rapid economic growth. Drawing on Wallerstein’s and Hobson’s work on the changing structure of the world economy and focusing on a number of economic changes that have taken over the last 30 years, including a analysis of changes in gross domestic product (GDP) manufacturing output, exports, foreign trade balances and GDP per capita, this paper concludes that, on most measures, the West is clearly in long-term relative economic decline and that the rate of change has increased since the 2008 global financial crisis. The centre of gravity of the world economy has undeniably shifted from West to East.

Journal

Area Development and Policy – Taylor & Francis

Published: May 4, 2018

Keywords: world economy; China; USA; economic growth; economic decline; 世界经济; 中国; 美国; 经济增长; 经济衰退; economía mundial; China; EE.UU; crecimiento económico; declive económico; Мировая экономика; Китай; США; экономический рост; экономический спад

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