China Versus the West: The Global Power Shift of the 21st Century

Part Two

THE GLOBAL DOWNTURN AND BEYOND: WESTERN CAPITALISM AND CHINESE CAPITALISM

The crisis of 2008–2009 had enormous repercussions for the global economic power balance. Effectively it was a farewell to the Western-led world. Though all major national economies were hit, in relative terms, China’s position versus the United States, Europe, and Japan became as strong as never before in modern history.