The Demise of the Global Market Economy and the Rise of a Two-sphere World

There is a perceived growing divide between a US-led and an a China-led sphere in technology, trade, and finance, driven both by geopolitics and by trends towards growing national self-reliance. Are we seeing the demise of the Global Market Economy?

Geopolitical tensions have increased lately as EU heads of State and Government have asked for a revision of Europe’s China strategy that, in line with US changing policy, highlights a perceived systemic rivalry between China and 'the West' and reduces technological and scientific co-operation, calls for the diversification of trade and supply chains, and reduces international financial flows. This conference aims at exploring the perception of an emerging ‘new Cold War’ and its potential consequences, especially for Europe.

The areas in which a growing divide is perceived will be investigated in three different sessions: technology and science, trade and supply chains, and financial markets. The final session will discuss the endgame of this two-sphere world.

This event is co-organised by the Department of European & International Studies and the Lau China Institute, King’s College London, and the Centre for Philosophy of Natural and Social Science, London School of Economics (LSE). It is funded by the Department of European & International Studies, the Lau China Institute, and the School of Politics & Economics, King’s College London.

 

PROGRAMME

09.30-09.45 Welcome remarks

Peter John, Head, School of Politics & Economics, King's College London

09.45-10.15 Opening address

Introduction and chair

Ulf Dahlsten, Visiting Professor in Practice, LSE

Speaker

Yu Yongding, Academician, Chinese Academy of Social Sciences & Chairman, Academic Committee, Pu Shan Foundation

10.15-11.30h Technology and science

Introduction and chair

Nikki Sun, International Strategy Forum Academy Fellow, Chatham House

Speakers

Kerry Brown, Director, Lau China Institute, King's College London

Nana de Graaff, Associate Professor in International Relations, Vrije Universiteit Amsterdam

Lars Samuelson, Chair Professor, Southern University of Science and Technology

Yuan Yang, Europe-China Correspondent, Financial Times

 

11.30-11.45 Coffee break

 

11.45-13.00 Trade and supply chains

Introduction and chair

Ramon Pacheco Pardo, Professor of International Relations, King's College London

Speakers

Suzuki Kazuto, Professor of Science and Technology Policy, University of Tokyo

Sohyun Zoe Lee, Assistant Professor in International Political Economy, Queen's, University Belfast

Alan Wolff, Distinguished Visiting Fellow, Peterson Institute for International Economics & former Deputy Director General (2017-21), WTO

Yu Jie, Senior Research Fellow on China, Chatham House

 

13.00-14.00 Lunch

 

14.00-14.30 Keynote address (online)

Jeffrey Sachs, University Professor & Director, Center for Sustainable Development, Columbia University

 

14.30-15.45 Financial markets

Introduction and chair

Stefan Ingves, former Governor (2006-22), Sveriges Riksbank (Central Bank of Sweden)

Speakers

Engelbert Stockhammer, Professor of International Political Economy, King's College London

Nicolas Veron, Senior Fellow, Peteson Institute for International Economics & Bruegel

Yu Yongding, Academician, Chinese Academy of Social Sciences & & Chairman, Academic Committee, Pu Shan Foundation

 

15.45-16.00 Coffee break

 

16.00-16.45 The endgame

Introduction and chair

Magnus Ryner, Professor of International Political Economy, King's College London

Speaker

Martin Wolf, Chief Economics Commentator, Financial Times