Globalization in crisis: Sino-American rivalry and Asian regional integration

Globalization is in crisis, as newly developed countries like China increasingly challenge the global economic order originated at the behest of the United States through the Bretton Woods agreements. China aspires to the leadership of that cause, even though the dollar remains preeminent in global monetary institutions. In the cause of national security, United States government decision makers seek to stem Chinese capability in areas like semiconductors, with an apprehension shared by America’s Western allies. The United States thrives on a democratic ethos, while China faces both demographic and economic challenges. In response, the Chinese seek self-reliance in new technologies. Chinese military incursions in the Asia-Pacific have prompted an American Indo-Pacific strategy to contain China. One Asian response may be regional supply chains, in the wake of digital technology needs and the demands of sustainable development.