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The Dig

China Boom w/ Ho-fung Hung

The Dig

Daniel Denvir

News, Politics

4.81.5K Ratings

🗓️ 18 March 2022

⏱️ 78 minutes

🧾️ Download transcript

Summary

Part one of a two-part interview with sociologist Ho-fung Hung on Chinese political economic history from the 18th century to 2008: why capitalism took off in England and then elsewhere but not in China; and then, how Maoist policy laid the groundwork for China’s ultimate capitalist takeoff and boom. Episode two will focus on the 2008 financial crisis, the deepening imbalances and heightened geopolitical conflict that resulted, and the current situation—including the impact of the crises surrounding Russia’s invasion.

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Transcript

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0:00.0

This episode of The Dig is brought to you by our supporters on Patreon and by the Guta Institute and Brooklyn Institute for Social Research.

0:10.6

I'm Samantha Rose Hill. This is Hana Arendt between worlds, a new podcast for thinking with and against Hannah Arendt.

0:18.4

Hannah Arendt.

0:19.2

Join me and my guest as we address the most pressing political questions of our time,

0:26.5

from love and friendship to loneliness and totalitarianism.

0:31.9

Anna Arant Between Worlds is now available from the Goethe Institute and Brooklyn Institute for Social Research.

0:48.1

Welcome to The Dig, a podcast from Jacobin Magazine. My name is Daniel Denver, and I'm broadcasting from Providence, Rhode Island.

0:57.1

Russia's invasion of Ukraine and the Western response has for good reason caused people to re-examine

1:02.2

the state and trajectory of U.S.-China relations. Over the past decade, that relationship has

1:08.3

grown ever more tense with hawkish forces rising on both sides

1:12.4

of the Pacific. Meanwhile, China's exports have continued to boom. Much of those exports being sold

1:19.5

to the U.S., whose purchasing power has been heavily subsidized by China's purchase of U.S.

1:25.4

Treasuries in ever-growing quantities. As a result, China is not only

1:30.0

heavily subsidizing American consumption, but also its military power. With the invasion of Ukraine,

1:37.4

China has stood by Russia, raising concerns over what sort of precedent this could all set

1:42.3

for a conflict in the Pacific.

1:50.0

And so while geopolitical and trade conflicts between the U.S. and China continue to intensify,

1:53.8

so does the entanglement of the U.S. and Chinese economies.

1:57.4

The contradictions, in other words, are heightening.

2:03.0

A lot is on the line, including the capacity of the world to confront climate change if its two largest economies are in conflict, or even in the worst-case scenario, at war.

2:11.6

Today is part one of my two-part interview with sociologist Ho Feng-Hung, the author of the book,

2:17.0

The China Boom, Why China

...

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