Stewart Paterson's timely book, “China, Trade and Power: Why the West’s Economic Engagement Has Failed”, promotes reasoned and informed debate on the trade relationship between the West and China.
The Hinrich Foundation supported the publication of “China, Trade and Power: Why the West’s Economic Engagement Has Failed” to promote reasoned and informed debate on the trade relationship between the West and China.
This book, by Stewart Paterson, describes the unintended consequences of the policy of engagement that led to China's accession to the WTO in 2001.
As the trading nations of the world embark on a change of direction in their policies toward trade, we believe it is of the utmost importance that we understand the true and full extent of how past policies of engagement with China have impacted Western societies.
About the book
“China, Trade and Power: Why the West’s Economic Engagement Has Failed” describes the impacts of the policy of engagement that led to China's accession to the WTO in 2001.
It aims to equip policymakers, business leaders and civil societies to contribute to the design of mutually beneficial approaches for sustainable global trade.
It shows that China's accession to the WTO:
- Lifted hundreds of millions of people out of poverty in China, cementing the legitimacy of the Chinese Communist party and making China’s mercantilist model attractive to emerging economies in Asia.
- Had remarkable but unintended impacts on standards of living in the West.
- Resulted in a supply-side deflationary shock created by China’s low-cost exports, which when coupled with the inflation-targeting response of Western central banks, has led to a fall in real incomes for the many and a rise in asset prices for the few, raising questions about the effectiveness of liberal economic models.
Watch the video from our book launch event in Hong Kong below.
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“China’s financial revolution has not just changed the world economy forever, it has changed global politics forever. If you want to understand how that happened and the consequences should it continue, you need to read Stewart Paterson’s excellent new book.”
“After joining the WTO in 2001, China’s mercantilist policies led to the loss of millions of Western manufacturing jobs. Furthermore, the disinflationary impact of Chinese imports prompted the Federal Reserve’s disastrous easy money policy. Anyone wishing to understand the rise of modern populism and the origins of Trump’s trade wars should read Stewart Paterson’s tour de force China, Trade and Power.”
Edward Chancellor, Author of “Devil Take the Hindmost: A History of Financial Speculation”
“This is an important book, with a clear and lucid message, that politicians and policymakers in the West should pay close attention to. China’s accession to the WTO was the West’s strategy of engagement aimed at economic, and eventually political, change in China. It has failed, instead breeding populism and inequality in the West. How we handle this challenge will shape our kids’ future.”
“As Paterson lucidly argues, the West signally failed both to demonstrate even a cursory understanding of Chinese history and to push back earlier at Chinese practices. However, it has compounded these misjudgments with serially misguided monetary policies which have disproportionately benefited the rich, boosted indebtedness and inequality, and hence exacerbated tensions between labour and capital. Marx must be smiling.”
“Normally I am wary of books which attribute a complex series of geopolitical upheavals to a single event. In this case, I find Stewart Paterson’s explanation entirely convincing.”
“What was the most important event of the past two decades? Some might say 9/11; others the financial crisis of 2008-09. Stewart Paterson argues the real game-changer was China’s accession to the World Trade Organisation in 2001. That was sold as an attempt to bind China to the rule of law and allow US exporters to gain access to Chinese markets. If those were the goals, then the move has failed, says Paterson.”
In the news
Media interviews with book author Stewart Paterson
A review of China, Trade and Power, Stewart Paterson's transformative book.
Stewart Paterson, Hinrich Foundation Research Fellow, cites trade imbalances as one of the factors that led to the trade war between U.S. and China.
Key takeaways from a Hinrich Foundation and National University of Singapore Business School panel discussion about the US-China trade war.
Stewart Paterson, Research Fellow and author of China, Trade and Power, on how the US-China trade war is affecting both economies.
A review of Stewart Paterson’s book, “China, Trade and Power”, featured in IEA’s biannual magazine
"China, Trade and Power", authored by Hinrich Foundation Research Fellow Stewart Paterson, lauded in a review by Sage Journals.
Hinrich Foundation Research Fellow Stewart Paterson was interviewed by ChinaFile, an online magazine published by the Center on U.S.-China Relations.
Stewart Paterson examines important US-China issues ahead of the G20 leaders summit on June 28-29 in Osaka.
Stewart Paterson, author of China, trade and Power, discusses the US-China trade deal and the need for a “fundamental resetting” of the economic relationship between Western economies and China.
Stewart Paterson's book, China, Trade and Power, cited as a useful guide on the sources of current issues with China.
Author Stewart Paterson discusses his Hinrich Foundation sponsored book, “China, Trade and Power: Why the West’s Economic Engagement Failed”.
Author Stewart Paterson highlights findings from his Hinrich Foundation sponsored book “China, Trade and Power: Why the West’s Economic Engagement Failed”.
Stewart Paterson, author of “China Trade and Power: Why the West’s Economic Engagement Has Failed” talks about the impact of China’s accession to the World Trade Organization.
A review of "China, Trade and Power", authored by Hinrich Foundation Research Fellow Stewart Paterson.
Read about China, Trade and Power's book tour throughout the world
18 September 2019
Hinrich Foundation, in partnership with UnHerd Insight, organized a vibrant roundtable discussion on trade war, Brexit and existential risk to the multilateral trading system on September 18, 2019, at Shake Farm HQ in Singapore.
17 September 2019
On September 17, 2019, Hinrich Foundation Research Fellow Stewart Paterson provided insights into his book “China, Trade and Power: Why the West’s Economic Engagement Has Failed” at the NUS Business School in Singapore.
05 December 2018
On November 30, 2018, the Hinrich Foundation was pleased to support the launch of a new book titled “China, Trade and Power: Why the West’s Economic Engagement Has Failed” written by Stewart Paterson at the China Club in Hong Kong.
01 December 2018
Hinrich Foundation sponsored book “China, Trade and Power: Why the West’s Economic Engagement Has Failed”, written by Stewart Paterson was unveiled at an event held by Foreign Correspondents’ Club in Shanghai on November 27, 2018.
27 November 2018
Hinrich Foundation sponsored book “China, Trade and Power: Why the West’s Economic Engagement Has Failed”, written by Stewart Paterson was launched at an author series event organized by the American Chamber of Commerce (AmCham) in Shanghai on November 27, 2018.
02 November 2018
The US-Asia Institute and Hinrich Foundation co-hosted a luncheon event promoting a new book by Stewart Paterson called “China, Trade and Power: Why the West’s Economic Engagement Has Failed” on October 25, 2018.
31 October 2018
On October 24, 2018, the Hinrich Foundation was pleased to support the launch of a new book titled “China, Trade and Power: Why the West’s Economic Engagement Has Failed” by Stewart Paterson at the Center for Strategic and International Studies (CSIS) headquarters in Washington, DC.