McNally, Christopher A. “Sino-Capitalism: China’s Reemergence and the International Political Economy.” World Politics 64, no. 4 (2012): 741–776.
Outlines the IR debate on the rise of China. Then focuses on IPE interpretation of Sino-Capitalism in contrast to Anglo-Capitalism. Sino-Capitalism: "...relies on informal business networks rather than on legal codes and transparent rules. It also assigns the Chinese state a leading role in fostering and guiding capitalist accumulation." (744) "Central to Sino-capitalism's institutional structure is a unique duality that combines top-down state-led development with bottom-up entrepreneurial private capital accumulation" (744).
Piece goes on to place Sino-Capitalism within the varieties of capitalism literature. It argues that the unique characteristics of this economic structure will be challenging to assimilate within the liberal economic order. Author makes the interesting observation that China is entering the international system characterized by neoliberal globalization and other Asian countries that entered the system earlier did so when it was more characterized by embedded liberalism.
The article then goes on to document the moves that China is making to internationalize the yuan. The further implications for the rise of China and US-China relations are ambiguous, but the author claims that the rise of Sino-Capitalism will continue to challenge the international financial order.
