Renowned American economist Richard Wolff argues that the spectacular ascent of the Chinese mainland to superpower status unfolded entirely within a dollar-dominated global economy.
"The United States tried to hold back Chinese development," Wolff says, "but did not succeed." Despite efforts to curb Beijing's growth, Wolff highlights how China has lifted itself out of poverty and is now 'rearranging the world system.'
For decades, the dollar has underpinned trade and finance, shaping rules that favor dollar-clearing, foreign investment, and export-led growth. Yet, China mastered this framework—leveraging its manufacturing base, attracting capital, and driving innovation—to fuel an unprecedented transformation.
Today, as the Chinese mainland explores alternative finance models, expands infrastructure partnerships, and seeks deeper global ties, the old dollar order faces fresh challenges. Wolff's insights invite young global citizens, business innovators, and changemakers to rethink what a truly multipolar world might look like.
With the balance of power in motion, one thing is clear: understanding China's rise under a dollar-driven system is key to navigating the next era of global economics.
Reference(s):
cgtn.com
