Capitalism

EAI academic Lance Gore finds that the trend of deglobalisation and internal unrest seen in developed countries in recent years can be attributed to the disintegration of the Western liberal social contract, as well as the struggle between various forces that seek to restore or reforge that contract. He says liberalism is only effective for the elites, while globalisation is a grand banquet for capital; the masses at large, unfortunately, fail to benefit. He sees a return to the nation-state as the precondition for repairing the social compact, and Asian countries will have an edge over the West in achieving this. 

Professor Wang Gungwu, eminent historian and university professor of the Faculty of Arts and Social Sciences at the National University of Singapore, was awarded the 2020 Tang Prize in Sinology earlier this year. At the 2020 Tang Prize Masters’ Forums — Sinology held last month, Professor Wang traced the evolution of sinology in the West and East, observing that today, a “pluralist sinology” is emerging alongside a rising China. This allows for the term “sinologist” to be applied to a much larger group of scholars, and for the bringing together of various knowledge traditions and academic disciplines in the study of China. While there is much to be cheered by this, Professor Wang also urged his fellow scholars to be ready to “douse the fires that others had fanned”, as knowledge gathered by pluralist sinology could be used as a weapon amid intense rivalry between the US and China. This is the transcript of his speech. 

Deng Qingbo observes that despite sharing the same language and ethnicity as the mainland Chinese, the Taiwanese have been quicker to imbibe Japanese culture than Chinese culture per se. He sees that mainland China has a lot of catching up to do if it is to win the hearts and minds of the Taiwanese and reclaim some of the admiration it once enjoyed in areas such as civilisational development, culture, and literature.

Lance Gore analyses that the knowledge economy offers great potential for bettering the lives of people. But capitalism may not be the best route to take. Power in the hands of a few, income gaps, job losses and wage cuts in the digital age bear this out. Can China offer a third way as it seeks to marry socialism with a market economy? The West is already considering some proposals with a socialist bent such as the Universal Basic Income (UBI). Surely, proponents of socialism can think of even more revolutionary ideas?

Zhu Ying states that it is impossible to understand the new Cold War between China and the US without understanding the clash of ideologies that marked the first Cold War and which clouds the current state of relations between China and the US. If we are lucky, like the first Cold War, the new Cold War will not tip over into a hot war. However, accidental mishaps wrought by zealous ideologues cannot be ruled out.

Chinese academic Qiao Xinsheng notes that despite its image of being democratic, the US is driven by capitalism and an individualism enjoyed only by a small number of elites. Such pre-existing conditions lead to a fragmented society made worse by the actions of President Donald Trump.

In a recent report outlining its approach to China, the US indicated that it will be guided by “principled realism” in strategic competition with China. Chinese academic Yu Zhi believes that this is a sign of the two countries moving into a “curtailment and containment” phase in their relations. Whoever the next President is, the US line on China looks set to hold. This stance harks back to the beginning of US-China relations, albeit with some adjustments. In any event, both countries are bracing themselves for a rough ride ahead.

Hong Kong and its uncertain future has become a political metaphor for China-US relations and the future of the world order, says Zheng Weibin. If the passage of the national security law portends that “one country, two systems” is not viable in practice, what else is there left except for an all-out duel between socialism and capitalism?