United States-China Trade War 2019: Its Impacts on European Economies

United States-China Trade War 2019: Its Impacts on European Economies

Hassan Syed, Sema Yilmaz Genç
Copyright: © 2020 |Pages: 20
DOI: 10.4018/978-1-7998-2513-5.ch008
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Abstract

Global economics has two versions. One is the economic realities that are based on our lived world view and explained by our experience of it each day. The other is the complex and theoretical economic view presented by mainstream economists. There is no correlation between the two world views. There is little respect left for the ‘predictions' offered by mainstream economics through the use of obfuscating mathematics in practical business decision making. The 2008 financial crisis made this position even more profound. China, the United States, and Europe are the three main contributors to the total productivity of the globe.
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Historical Context

Europe between the first and second world wars was a continent of declining empires and wrangling nation-states that were embroiled in conflicts. The conflicts were the result of European colonial decline globally. The conflicts were also the result of trying to carve out their influence in global economics. The transforming world of the early 20th century was also a fight for economic survival by the declining European empires. The European mercantile society was facing the threat of the free-market economy through political discourse (Paine, 2019).

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