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William I. Robinson, Sociologist <https://www.facebook.com/WilliamIRobinsonSociologist/?__tn__=kC-R&eid=ARDvfXYwdrN9UIZ1wF--xS8xv6a1ABM02u6XpTeQTBSQsBGyRDs6mixmEbKl7fqRg_kSyZRyXP-q95IX&hc_ref=ARQwH3RAoMdttzoe0FBykX8KgYd2QiC0hPm6F9FLDn0IGuTabmhLMD6N8PMiwDmBIH0&fref=nf&__xts__%5B0%5D=68.ARA3m-bADIHK5SHFSu9Kjo621tNQyYaranIY162UfAxxHAaab8ZZs293iqq2tZKQVde1qYndv91ak2sgh2lMYhLW-HHicRh00ZBE6J9fb8vejJkToV8QaARsSKJcUaY92UrGpz5rKE8DuvWLetknLyPDlNVD9E5yS2j8nHLz4Oxy3DyMfGCDdfJ7Qr5JkdjEwncf4aLpaYNuKGdnuoXxRTqZFsK6n1bRiUs7ri_OrNSzmsLM0eTz40utcaEAeSFaY-DooaBa2O2Gc5Ld1kNIvx2q2B6Br93Rpx65B4JI5KHsW4KWCd886dWHlJHW6nCRHFPfS4RVwzYafaoSgcj__IRg> June 25 at 1:27 PM <https://www.facebook.com/WilliamIRobinsonSociologist/posts/2376056916012167?__xts__%5B0%5D=68.ARA3m-bADIHK5SHFSu9Kjo621tNQyYaranIY162UfAxxHAaab8ZZs293iqq2tZKQVde1qYndv91ak2sgh2lMYhLW-HHicRh00ZBE6J9fb8vejJkToV8QaARsSKJcUaY92UrGpz5rKE8DuvWLetknLyPDlNVD9E5yS2j8nHLz4Oxy3DyMfGCDdfJ7Qr5JkdjEwncf4aLpaYNuKGdnuoXxRTqZFsK6n1bRiUs7ri_OrNSzmsLM0eTz40utcaEAeSFaY-DooaBa2O2Gc5Ld1kNIvx2q2B6Br93Rpx65B4JI5KHsW4KWCd886dWHlJHW6nCRHFPfS4RVwzYafaoSgcj__IRg&__tn__=-R>·
**The Economist magazine reported in its May 25 issue that U.S. technology companies have invested $1bn in Chinese ones since the start of last year, while Chinese tech firms poured nearly four times as much, $3.8 billion, into U.S. based companies. Previously, Apple put $1bn into the Chinese ride hailing company Didi Chuxing, and Microsoft bought state in Laiye, an “AI butler” that handles voice commands through apps. Intel has taken stakes in a number of Chinese startups. Nvidia, a U.S. maker of AI chips, is invested in WeRide, a Chinese leader in self-driving technology. And the list on Chinese-US capital integration goes on and on, in tech and in all sectors of the economy.
As this data (and much more) makes clear, the U.S. trade war against China cannot be explained as competition and rivalry among respective US and Chinese capitalist groups. I and my colleagues from the “global capitalism school” approach to 21st century capitalism have long since argued that the leading capitalist groups worldwide has become so intertwined, cross-invested and integrated into one another that these leading sectors are no longer national (“US capital”, “Chinese capital”, “French capital”) but transnational. Hence the transnational capitalist class (TCC) is the ruling group worldwide, and this TCC has no interest in economic nationalism, trade wars, and tariffs.
A better explanation for Trump’s trade war with China would focus on two things. First is the crisis of legitimacy of the US state and Trump’s effort to shore up his rocky social base by deploying the rhetoric and policies of economic nationalism alongside his racist scapegoating, especially of immigrants, even as the TCC opposes these trade policies. Second, the Chinese market is more closed to transnational capital than is the US market. The threat of tariffs and sanctions is a lever to further open China up to transnational capital.
Meanwhile, the global economy is moving ever closer towards recession. The G20 will meet on June 28 and 29 in Japan. If a deal is not struck between US and Chinese trade negotiations, a sell-off of shares would be the likely outcome. Would such an outcome be a trigger for the recession?
more at https://tinyurl.com/yypa9vev <https://www.facebook.com/WilliamIRobinsonSociologist/?__tn__=kC-R&eid=ARDvfXYwdrN9UIZ1wF--xS8xv6a1ABM02u6XpTeQTBSQsBGyRDs6mixmEbKl7fqRg_kSyZRyXP-q95IX&hc_ref=ARQwH3RAoMdttzoe0FBykX8KgYd2QiC0hPm6F9FLDn0IGuTabmhLMD6N8PMiwDmBIH0&fref=nf&__xts__%5B0%5D=68.ARA3m-bADIHK5SHFSu9Kjo621tNQyYaranIY162UfAxxHAaab8ZZs293iqq2tZKQVde1qYndv91ak2sgh2lMYhLW-HHicRh00ZBE6J9fb8vejJkToV8QaARsSKJcUaY92UrGpz5rKE8DuvWLetknLyPDlNVD9E5yS2j8nHLz4Oxy3DyMfGCDdfJ7Qr5JkdjEwncf4aLpaYNuKGdnuoXxRTqZFsK6n1bRiUs7ri_OrNSzmsLM0eTz40utcaEAeSFaY-DooaBa2O2Gc5Ld1kNIvx2q2B6Br93Rpx65B4JI5KHsW4KWCd886dWHlJHW6nCRHFPfS4RVwzYafaoSgcj__IRg>
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