Playing Our Game

Conventional wisdom holds that China's burgeoning economic power has reduced the United States to little more than a customer of Beijing. Not so, writes Edward Steinfeld. In this fascinating book, Steinfeld asserts that China's growth actually enhances American commercial supremacy. By seeking to realize its dream of modernization by integrating itself into the Western economic order, China is playing by our rules, reinforcing the dominance of our companies and regulatory institutions. Indeed, China has in many ways handed over-outsourced-the remaking of its domestic economy and domestic institutions to foreign companies and foreign rule-making authorities. And even as Chinese companies assemble products for export to the West, the most valuable components for those products come from the West. America's share of global manufacturing, by value, has actually increased since 1990. Within China, the R&D centers established by Western companies attract the country's best scientists and engineers, and harness that talent to global, rather than indigenous Chinese, innovation efforts. In short, China's economic emergence is good for America. "Playing Our Game introduces an argument dubbed "institutional outsourcing" that provides a fresh, dynamic, and fundamentally optimistic analysis of the forces driving the evolution of the Chinese political and economic systems. Steinfeld brings an unusual combination of talents fully into play--he is one of the very few who understand Chinese politics, Chinese economics, developments in international business, and the deep integration of the three. His book is thought provoking and will be controversial, as any really good book should be."--Kenneth Lieberthal, Senior Fellow, The Brookings Institution "This reviewer enthusiastically recommends this thought-provoking volume to the general public, undergraduate and graduate students, faculty, and professionals. Summing Up: Highly recommended. All readership levels."--CHOICE "Playing Our Game introduces an argument dubbed "institutional outsourcing" that provides a fresh, dynamic, and fundamentally optimistic analysis of the forces driving the evolution of the Chinese political and economic systems. Steinfeld brings an unusual combination of talents fully into play--he is one of the very few who understand Chinese politics, Chinese economics, developments in international business, and the deep integration of the three. His book is thought provoking and will be controversial, as any really good book should be."--Kenneth Lieberthal, Senior Fellow, The Brookings InstitutionPart One: The New Competitor-What Globalization Really Means for China ; 1. China's Rising Technology Giants ; 2. The Real Meaning of "Made in China" ; 3. Fee-for-Service Socialism and the "Walmartization" of China ; Part Two: Outsourcing "Chinese Style" ; 4. Institutional Outsourcing ; 5. Institutional Outsourcing on the Financial Front ; 6. IPOs and the Outsourcing of Control over "National Champions" ; Part Three: Stretching the Bounds of Sustainability ; 7. China's Energy Sector - Who is Really Calling the Shots? ; 8. Going Global on the Energy Front ; 9. Coping with Climate Change: Build It and They Will Come Part ; Part Four: Conclusions ; 10. Playing Our Game Now and for the Future