Following its publication in The Observer, this article has stimulated a great deal of interest and debate in the UK and the US. It has received over 500,000 unique visitor views and trended on Twitter.
In the late 1970s Martin Jacques was one of the first to herald the emerging dominance of neoliberalism in the west. Here he argues that this doctrine is now faltering. But what happens next?
The western financial crisis of 2007-8 was the worst since 1931, yet its immediate repercussions were surprisingly modest. The crisis challenged the foundation stones of the long-dominant neoliberal ideology but it seemed to emerge largely unscathed. The banks were bailed out; hardly any bankers on either side of the Atlantic were prosecuted for their crimes; and the price of their behaviour was duly paid by the taxpayer. Subsequent economic policy, especially in the Anglo-Saxon world, has relied overwhelmingly on monetary policy, especially quantitative easing. It has failed. The western economy has stagnated and is now approaching its lost decade, with no end in sight.
After almost nine years, we are finally beginning to reap the political whirlwind of the financial crisis. But how did neoliberalism manage to survive virtually unscathed for so long? Although it failed the test of the real world, bequeathing the worst economic disaster for seven decades, politically and intellectually it remained the only show in town. Parties of the right, centre and left had all bought into its philosophy, New Labour a classic in point. They knew no other way of thinking or doing: it had become the common sense. It was, as Antonio Gramsci put it, hegemonic. But that hegemony cannot and will not survive the test of the real world.
Extracts from this article have subsequently been translated and published in Reference News, the largest circulating newspaper in China. To view the Chinese version, click here.
To see Roger Cohen’s comments on the article in his column for the International New York Times, click here.
Martin Jacques’ latest article considers the historic significance of the forthcoming summit. An English version has been published in the Global Times and a Chinese version in the People’s Daily. Both are available below.
The forthcoming G20 summit comes at an appropriate moment in the evolution of China’s own relationship with the global economy and its governance.
China’s formal entry into the global economy was marked by its admission to the WTO in 2001. For more than a decade after that, with economic growth averaging around 10%, trade expanding to the point where China became the world’s biggest trading nation, and overseas investment growing very rapidly albeit from a very low base, China chose to take a back seat while learning the ropes of its newly acquired status. During this period, China preferred to play a relatively passive role. As a result, it was frequently criticised by the United States for being a free rider: enjoying the benefits of globalisation without contributing to the global public goods that were needed.
This short profile was broadcast on CCTV News and other CCTV channels in May 2016.
Double click for full screen.
Watch Martin Jacques in conversation with Shashi Tharoor, exploring what will define the progress of China and India over the coming years. As part of the Credit Suisse Global Megatrends Conference in Singapore. Moderated by Martin Soong (CNBC Asia).
Double click for full screen.
For a report on the discussion please see this article by Jo-ann Huang in The Straits Times.
The release of a brand new expanded and updated Chinese edition of When China Rules the World has attracted a great deal of media attention in China. Below is a video interview with CCTV, followed by a series of links to other reports and interviews.
Click here to view the full length CCTV interview.
A full summary of all media coverage received (all in Chinese) can be found here.
In the disputes over the South China Sea, no country has been closer to the United States and more hostile to China than the Philippines under the recently departed President Aquino. Indeed, during Aquino’s term of office the Philippines has once more allowed the US to use military bases in the country as part of a wider military collaboration. The Philippines has also unilaterally taken its dispute with China to arbitration under the United Nations Convention on the Law of the Sea (UNCLOS). But since the recent election of President Duterte there are signs of a shift in thinking with Duterte stressing the importance of good relations with China and other leading figures suggesting that the island disputes with China should be settled bilaterally. The column below, reprinted from the country’s leading newspaper, The Philippine Star, gives voice to this shift. – Martin Jacques
Carmen N Pedrosa
Today, June 12, we celebrate Philippine Independence Day as it was declared by President Diosdado Macapagal. It used to be celebrated every July 4 because it was the day the Americans granted it to us. But as Macapagal reasoned “freedom and independence is not granted, it is fought for.” So why did we continue to be an American colony despite this? Here is a story that is not known to many Filipinos.
The common story told by historians is the Americans betrayed Emilio Aguinaldo by turning against him and not granting the Philippines its independence as they had promised.
Martin Jacques is chairman of the Harinder Veriah Trust, a charity providing vital support to underprivileged girls in Malaysia, helping them to get the best from their schooling and achieve an education that will transform their lives.
To learn more about the trust watch the video below and visit their website.
This hugely successful TED talk in London has now had over 2 million views. Martin Jacques asks: How do we in the West make sense of China and its phenomenal rise?
27/10/14 — Furama RiverFront Hotel, Singapore
Business China, in conjunction with Singapore Press Holdings, organised a wonderful event on 27th November in Singapore in their Eminent Speakers Series. Over a thousand people packed into the Grand Ballroom of Singapore’s Furama RiverFront Hotel to hear Martin Jacques talk on Why China Will Be a Very Different Kind of Great Power — and now for the first time, a complete video of the event is available to view.
The talk was followed by a question and answer session during which the moderator, Professor Tan Khee Giap, asked the audience whether or not they broadly agreed with Jacques’s argument. Did they vote for or against? See the short video below.
Click here for the extensive media coverage of the event (in Chinese)
On 18th September 2012, Martin Jacques gave a talk at the University of Melbourne as part of a public lecture series organised by Asialink, questioning ‘Australia’s Role in the World’. This highly popular YouTube video of his lecture has over 200,000 views.
Martin Jacques presents a highly successful series of programmes on how best to understand the unique characteristics and apparent mysteries of contemporary China, its development and its possible future. In this new series, he sets out the building blocks for making sense of China today.
Visiting Professor at the Institute of Modern International Relations, Tsinghua University
Talk at The Party and the World Dialogue: ‘Global Economic Governance and Innovation’, hosted by the International Department of the Central Committee of the Communist Party of China
Talk at The Symposium on China Studies 2016, hosted by Ministry of Culture of the People’s Republic of China and the Chinese Academy of Social Sciences
‘China and the world in the 21st century’, hosted by JUST
STAR Auditorium in Petaling Jaya, Kuala Lumpur
Talk for the SKOLKOVO Business School
11.45am – 1.30pm
24/8/16 - Reference News