This journalistic book review aims to conduct an in-depth analysis of the book entitled “Is China Buying the World?” written by Peter Nolan in 2012. It should be noted that with a brief conclusion, the book under review is divided into four chapters which summarise all the author’s claims and addresses. The book can be said to be a prism for looking at history in less vivid ways. The book’s narratives are mainly convincing and easy to comprehend. The book has been widely acclaimed for the accuracy of the claims put forward concerning the Chinese economic debate. Polity Press, which has tagged the book under review to be one of their widely distributed and acclaimed novels, is the publishing home of the book. The author, Peter Nolan, who is a Chinese Development Professor, has put several jigsaw puzzles together to educate the masses about the social and political status quo of the Chinese economy.
It is necessary to know the subject matter that it addresses before knowing the influence that the book has on the readers and the amount of information that the book effectively shares. It turns out that China’s economy is the most powerful. It is simply because the Chinese economy is buying every bond, factory or other mineral asset. To build a clear argument concerning the secret behind China ‘s success, Nolan has linked China’s buying and investment patterns. As the author (professor) Nolan himself combines every possible detail about the growth and spread of the Chinese market, readers will find it as if they are being lectured in a classroom at the University of Cambridge (Nolan, 2012).
The author has tried to establish a comparative stance for the readers as a matter of fact. The author, for example, has provided a clear view of the operations carried out by various world economies. At one point, the readers would discover the amount of debt that the Chinese economy had to pay for not being self-sufficient. In a comparative way, Nolan addresses the manner in which cheap vendors and producers have been organised by the Chinese economy. Later on, these riches were dispersed around the world. Data plugged into various parts of the book to have greater legitimacy has been skimmed from major databases such as United Nations economic programmes organs, etc. There are a variety of past studies and case descriptions that the author (Lane, New York) quoted in bulk.
It is evident that if something is presented or discussed comparatively, one can find out every peculiar understanding and argument about it. Nolan has appointed a similar approach where he has told the readers to consider Chinese being a different part of the world where every operation is conducted using a unique form of process. In other words, developed countries of the world such as US and Canada, might not have the same approach even if they try to do so (Shambaugh, 2013).
The author also addresses the presence of G7 countries that are holding major multinational ventures. On the other side, the Chinese economy has covered the same number of markets by using tactics and strategies that might not be implemented by the G7 countries. The author has placed similar kinds of arguments and claims with a robust backup, such as statistical information and timeline in a comparative manner.
It can also be well expressed that the author has not just presented the arguments to focus on the debate but also gives neutral claims. It is merely because the author tries the readers to understand both halves of international economies i.e., G7 countries and the Chinese economy. The author has also affirmed and created a backup context that the G7 countries’ competition has given to the rest of the actors in the international economies is undoubtedly very tough. Nevertheless, it is merely the competing power of these countries that have come together. (Nolan, 2012)
Herein, one can take the example of powers being in joint and making impact. If these countries had opted for economic tactics and strategies solely, it would not have been possible for them to gain a competitive financial standing. It is because Chinese economy, on its own makes a lot of capital as the sole market holder. The following quotation makes such a stance evident, “the tense climate in international relations between China and the West, and the passionate outpouring of view in the global mass media, it is important that citizens in the high-income countries are presented with a balanced view of their business system, the of China, and the place of each of them in a overall global political economy” (Nolan, 2012, p.14). The above-noted quote is quiet interesting as the author tries to inform the reader about the complexity of the politics involved in the economic discourse. However, later in the quotation, one can quickly note that the author presents a claim to lower the debate (Laurent, 2013).
The book was even more intriguing with evident but are talked significantly less in general audiences when it comes to the economy of China and the rest of the world. In the beginning, Chinese economy did not have cheap labor on its disposal like the G7 countries. It is a fact that creates a base for considering China as a proficient and booming economy of the world. Furthermore, the author has legally marked that the author Nolan has backed up the success stories of Chinese economy with a statistical fact. The truth is that the economy of China has been operating to lead to success since the 1980s. Therefore, it is no surprise that the country is giving competition to the G7 countries and another economic actor alone (Klare, 2012).
The author’s exciting claim in the book is that China is even exporting its many products to the developed economies of G7. These include the technologically-advanced apparatuses for machinery products and more. Let alone; the machinery holds a lot of profits. The use of these goods is limited to the use of the goods factories and healthcare institutions on which most countries have la-id stress through capital budgeting and resource allocation. It would be possible for readers to note that the author of the research has credited China’s qualitative and quantitative contribution in the international market.
The author concerning the Chinese economy has revealed several secrets. Therefore, readers interested in finding out how the Chinese economy have come to the top and become extremely competitive would find the book helpful and exciting. One of the secrets that have been revealed by the author in the book is the supply and demand cycle of production. The Chinese economy has been considered that more and more demand is noted every year from the middle class (Westad, 2012).
It has come to an observation that the buying power of the middle class has become very strong. Chinese economy has always targeted the middle class of the society because the significant sales are portioned in it as a segment. It would not, therefore, be inaccurate to claim that the book is beneficial for students who want to gain their insights in the world’s economic structures.
Readers can find out that in the first three chapters of the book, the author has informed the readers that the Chinese economy has found out competitive to be a motivation behind all their ventures. One can quickly notice that more and more companies have undertaken acquisitions and mergers in the previous decade. It has given a practical example that small companies can become more extensive and influential in a matter of weeks with the help of an acquisition. Chinese economies have pinpointed it. Thirdly, Nolan stresses that the Chinese economy has provided products and services for almost every need and demand made by the middle-class segment of the market.
In his book on a couple of places in different chapters, Nolan stated that more and more investment has been made in the IT sector. Therefore, Chinese economy has made sure that it focuses on it as an industry. Let alone, Chinese economy has created a lot of competition for the newcomers. The countries from the G7 might find it extremely difficult to compete with the Chinese IT industry (Nolan, 2012).
Notwithstanding, the author Nolan has also marked some of the shortcomings or the loopholes that cannot be overcome by the Chinese economy. Some of the underdog nations in the world are replicating the economic system or model of China. Many resources are available to such underdogs such as cheaper labor. Therefore, it is estimated that several developing economies of the world would be competing Chinese economy. Consequently, it comes to understanding that the book’s author has provided a glance at both positives and negatives for the Chinese economy (Nolan, 2012).
Talking about my reading experience, I would highly recommend this book to be read by the masses. The book is not just limited to the information concerning students and practitioners of economics and management. The book is directed towards the general audiences i.e. anyone can make healthy usage of the book by reading its exciting claims. It is because Nolan has presented a very easy-to-understand stance to the subject matter. The author’s tone is relatively easy for which its share may appear to be engaging in comparison with books published on the same subject matter (Nolan, 2012).
Mostly, books of the same genre i.e. business and economics, appear boring with a proper flow. The book under review instead points out the historical developments in the world’s industry and economics in an enthralling and easy to understand human One may be thinking that the book belongs to the genre of history because of its compelling flow.
Furthermore, the book presents a bridge between modern commentary and past research on the data concerning economic competition between China and G7 countries. Some areas have been left unaddressed by researchers in the past. Nolan has presented neutral claims to ensure that the debate is not just provided a one-sided view of the subject matter. The usage of different case studies has allowed the author to create a timeline to ensure that the book is reliable for citing (Nolan, 2012).
Before reading the book, I had minimal knowledge regarding China’s success stories as an economy. It will not be incorrect to state that the book has fascinated me on different pointers. As the reader would progress during the reading process, they would not like to put the book down. It instead reflects the author’s qualities as a professor who must be gaining the students’ attention in the classroom without putting too much effort other than just discussing the rich success stories of the Chinese economy (Shambaugh, 2013).
Through in-depth analysis and discussion of the book, it comes to mind that the book is an excellent contribution in the literature concerning the world’s economic developments and markets. The book is a clear insight into the past of Chinese economy. The economic actors in the international business sphere find it extremely difficult to compete with the Chinese economy. People are highly recommended to read the book and gain a lot of knowledge regarding the timeline of developments in the international economy. Overall, the author has directed the information to the masses or general audiences.
List of References
- Klare, M., 2012. The Race for What’s Left: The Global Scramble for the World’s Last Resources. New York: Henry Holt and Company.
- Lane, D., New York. The Capitalist Transformation of State Socialism – Was it Worth It?: The Making and Breaking of State Socialist Society, and What Followed. 2013: Routledge.
- Laurent, C., 2013. Tomorrow’s World: A Look at the Demographic and Socio-economic Structure of the World in 2032. San Francisco: John Wiley and Sons.
- Nolan, P., 2012. Is China Buying the World. Cambridge: Polity Press.
- Shambaugh, D., 2013. China Goes Global: The Partial Power. London: Oxford University Press.
- Westad, O., 2012. Restless Empire: China and the World Since 1750. New York: Basic Books.