Zhang Yuyan
1PhD in Economics, Senior Fellow Institute of World Economy and Politics, Chinese Academy of Social Sciences yyzhang@cass.org.cn
Kitaêznavčì doslìdžennâ 2020, 1:69–80
https://doi.org/10.15407/chinesest2020.01.069
Section: Political, social and economic development of China
Language: English
Abstract: 

Now the world is experiencing unprecedented changes over the centuries, which will have a more significant impact on the future of humanity than all the transformations of the twentieth century. This period is the best in the development of China in modern history. The article is relevant, and it analyses how and why the world is changing, in which direction. First of all, we are talking about fundamental changes in the balance of power between the leading countries, namely, in relations between China and the United States. Besides, technological change is the most critical change in the world, which causes a chain reaction of massive and sometimes unpredictable changes in production, distribution, exchange, and employment in each sector. As a result, we have another factor of change – the spread of the Internet, which led to an information explosion, a drop in the communications cost. The article also discusses demographic changes that cause new problems on the path to economic, social, political stability, and growth.

The change in the US position due to de-dollarisation has also attracted attention. The US gains many benefits from the status of the dollar as a reserve currency; however, the diversity in the international system, in particular digital currencies, is increasing. As a result, the dependence of other countries on the dollar is decreasing. Following the weakening of the state that built the globalization process and another country’s strengthening – China, changes are taking place in the international system, which is described in detail in this article. America and China did not solve the cold war but fell into the Thucydides trap. Therefore, the world has already been experiencing influence.

All changes have their constants, and in this case, we firmly remain in the nuclear era, and the interdependence between nations now is at a high historical level. After a hundred years looking back at changes over this period, historians probably will be able to see this moment as a stage in the rise of the East, especially China.

 

Keywords: China, historical changes, information explosion, technological progress, the process of globalization, transformations in the XX century, USA

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