Neoliberalism: A Very Short Introduction by Manfred B. Steger & Ravi K. Roy

Author:Manfred B. Steger & Ravi K. Roy [Steger, Manfred B. & Roy, Ravi K.]
Language: eng
Format: epub, pdf
ISBN: 9780192589552
Google: YnEWEAAAQBAJ
Publisher: OUP Oxford
Published: 2021-01-28T00:00:00+00:00

In 2018, OBOR was expanded to include a number of countries in South America and the Caribbean. Promoted as the Project of the Century by the increasingly authoritarian Chinese President Xi Jinping—who managed to secure the ultimate political leadership position for life—OBOR is financed by direct loans totalling nearly $345 billion. In addition, Chinese state-owned commercial banks are expected to contribute over $200 billion and a further $400 billion will come from China’s Silk Road Fund. To date, over 150 countries and international organizations have been pulled into the orbit of this monumental effort which, when fully completed, will elevate Chinese influence in the world to an unprecedented level.

While China’s evolving neoliberal model has helped create a new elite communist party-allegiant bourgeois class, it also left hundreds of millions behind. Under Beijing’s massive urbanization project, for example, untold numbers of Chinese citizens have been dispossessed of land and economic property rights. Hong Kong, long regarded as one of the world’s leading financial centres and widely seen as China’s gateway to the West, was admired by influential neoliberals like Milton Friedman. At the same time, this neoliberal haven of wealthy entrepreneurs is co-inhabited by vast numbers of poor workers who can barely earn enough to make ends meet. In the summer of 2019, a series of public protests erupted in the former British colony in response to ever-growing economic disparity and increasingly brazen attempts by the CCP to exert greater political control over its relatively open Western legal and political processes. Sparked by Beijing’s attempt to secure a favourable extradition bill that would send dissenters to mainland Chinese prisons, these mass demonstrations are also fuelled by the economic desperation experienced by Hong Kong’s poor. The large-scale Hong Kong protests have ignited new debates over which version of neoliberalism—the Beijing model or the Hong Kong model—will ultimately prevail in China.

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