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China Daily, August 15, 2020.
Junfu Zhao is a PhD candidate in economics at the University of Utah. Zhao can be reached at junfu.zhao [at] utah.edu. The author thanks Rudiger von Arnim, Minqi Li, and Han Cheng for their helpful comments.
Following the Donald Trump administration’s publication of its 2017
National Security Strategy and 2018
National Defense Strategy that designated China as a strategic competitor, the tensions between the United States and China have been heightened, encompassing trade disputes, China’s economic regime and territorial sovereignty, conflicts over geopolitical influences, and even the portrayed confrontation between liberal democracy and authoritarianism.
1 The inauguration of the Joe Biden administration has not significantly changed U.S. foreign policy toward China. In his
John Bellamy Foster is the editor of
Monthly Review and a professor of sociology at the University of Oregon. R. Jamil Jonna is associate editor for communications and production at
Monthly Review. Brett Clark is associate editor of
Monthly Review and a professor of sociology at the University of Utah.
The authors thank John Mage, Craig Medlen, and Fred Magdoff for their assistance.
The U.S. economy and society at the start of 2021 is more polarized than it has been at any point since the Civil War. The wealthy are awash in a flood of riches, marked by a booming stock market, while the underlying population exists in a state of relative, and in some cases even absolute, misery and decline. The result is two national economies as perceived, respectively, by the top and the bottom of society: one of prosperity, the other of precariousness. At the level of production, economic stagnation is diminishing the life expectations of the vast majority. At the same time, financializatio