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Can state-capitalist China inherit the USA as hegemon?

by Tomasz Konicz Fri, May 19, 2023 4:55AM

China's growth is thus also running on credit, and the People's Republic is similarly highly indebted as the descending Western centers of the world system.10 The Chinese deficit economy is generating even far greater speculative excesses than was the case in the U.S. or Western Europe, as the distortions on the absurdly inflated Chinese real estate market in 2021 made evident.

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