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However, one of the reasons China is being held back from setting the worlds’ trade and finance is arguably because of the lack of democracy and rule of law, which are American values.
For example, the meeting between the Chief of Alibaba and the economic club of New York was symbolic of a change in the worlds’ economic order.
China have arguably bucked the trend by not entirely following the doctrines of economic liberalism and they have still been able to participate in globalisation.
Globalisation is an umbrella term for a complex series of economic, social, technological and political changes seen as increasing interdependence and interaction between people and companies in disparate locations since the 1980s.
This has replaced the “billiard-ball model” with a “cobweb model” as states become increasingly interdependent.
There are also broader cultural, political and environmental dimensions of globalisation.
Critics of globalisation say this is spreading US domination around the globe and as a result has created a global monoculture which benefits US interests.As a result, they have a national interest in encouraging economic globalisation.The conditions known as the “Washington Consensus” for countries to participate in economic globalisation are set by America.Another reason which suggests globalisation does not always benefit US interests, is that it can also have a negative impact on the US.The US version of globalisation has been revealed as unsustainable by the global financial crisis of 2007-08, badly damaging, for example, the status of the dollar and the relative strength of the US economy.Globalisation has threatened authentic local cultures by imposing American values on the rest of the world.This is evident in what Thomas Friedman has described Globalisation to be,”…Globalisation is in so many ways Americanisation: globalisation wears Mickey Mouse ears, it drinks Pepsi and Coke, eats Big Macs, does its computing on an IBM laptop with Windows 98.” For example, Mc Donalds are present in 119 countries to date.For example, The Arab spring came out of a process of globalisation as a result of time and space compression allowing members of the public to experience events in real time, it was also encouraged by the increased use of social media.However, America could not determine the outcome of this event and it did not work in their favour.Cultural globalisation has even affected Chinese societies despite the efforts of governments to prevent the spread of western values in China.The spread of American values across the world has been sped up by Globalisation but has improved international relations by spreading democracy.