Study says globalization is not ending soon
Contrary to popular belief, globalization is not ending soon, according to a recent study by researchers from the University of Waterloo, the University of British Columbia, and the China Europe International Business School in Shanghai. The study challenges the notion that the growing tension between the United States and China will only escalate and split the world into two opposing sides. Dr. Victor Cui, a professor at the University of Waterloo, believes that this is unlikely to happen due to the high economic cost it would bring to both countries and the rest of the world.
Misunderstandings on both sides contribute to tensions
The researchers found that the U.S.-China rivalry is partly due to misunderstandings between the two nations. For instance, China’s goal of self-reliance was seen as aggressive by the United States, while China saw American actions as attempts to limit its growth.
In the short term, China will likely not gain a technological edge
Additionally, the researchers believe that Washington may have overstated China’s threat to the world order. China’s centralization of control over its innovation may not sustain its rapid technological advancement, and it may struggle to fund its technological innovation due to economic growth decline and a shortage of young workers (due to its former one-child policy).
According to the study, the idea that China will surpass the United States in technology is overstated. The researchers expect China’s threat to slowly fade away, and for tensions to ease once the fear of China’s rise decreases in the United States.
Cui, the Conrad Research Excellence Chair, explained:
“We expect China’s threat will slowly disappear — it is not sustainable. Once the fear of China’s rise declines in the U.S., we expect the disengagement to slow down and even dissipate. We can be conservatively optimistic there will be changes.”
Kum Ba Yah people – can’t well just get along?
The study suggests that the entire world would benefit if the U.S. and China worked together instead of against each other, as they would be better equipped to handle global challenges such as inflation, climate change, and pandemics while minimizing the risk of military conflict.
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Xi Jinping and President Biden before the 2022 G20 Bali Summit via Wikimedia Commons by White House with usage type - Public Domain. November 14, 2022Featured Image Credit
Xi Jinping and President Biden before the 2022 G20 Bali Summit via Wikimedia Commons by White House with usage type - Public Domain. November 14, 2022
