The Evolution of the World Economy
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The Evolution of the World Economy

Terutomo Ozawa

The world economy is near a critical crossroads, as a rising China, the greatest-ever beneficiary of US-led capitalism, ironically dreams big to replace America's supremacy as a new hegemonic power with a non-liberal world order. This third volume of the trilogy on ‘flying-geese’ theory reformulation explains how capitalism has changed industrial structures across the world. Using structural development economics and political economy analytics the unfolding changes in the global industrial landscape are examined in depth. Will the ‘flying-geese’ formation survive the formation that has produced the East Asian miracle and is hoped to spread to Africa?
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Chapter 6: The next great industrial transmigration: relocating China’s factories to sub-Saharan Africa, flying-geese style?

Terutomo Ozawa


China has emerged as the most proactive partner for Africa’s growth by providing economic aid, investing in infrastructure and resource development, expanding trade, and most recently, stepping up local manufacturing. China’s growing industrial base in sub-Saharan Africa (which the World Bank would like to see further expanded as an industrial kick-starter) is now a subject of international attention. China has begun to graduate from, and relocate both inside and outside the country, low-wage manufacturing as it strives to move up the ladder of economic development. Will Chinese manufacturing investments in Africa rise on so massive a scale and in so expeditious a manner as East Asia has experienced, triggering a string of growth spurts from one catching-up economy to another, a phenomenon the World Bank called ‘East Asian Miracle’? The current debate on the issue often misses or does not sufficiently consider China-side factors. Although China’s recently retooled strategy has started to make some impact on sub-Saharan Africa, the present scope of, and the future prospects for, China’s industrial transplantation are still limited and constrained. All in all, a hoped-for African Miracle appears still a long way off.

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