Author Paterson Discusses China's WTO Accession, Trade Spat

The video discusses China's accession to the WTO and the expectations of Western countries that it would lead to political and economic liberalization in China. However, these expectations were not met, leading to deflationary pressures and economic divides in Western societies. Despite China's economic success, the anticipated political changes did not occur, and US-China relations have become strained. The video also explores the geopolitical dimensions of these tensions and the impact of tariffs as a Western response.

What was the primary expectation of Western leaders regarding China's accession to the WTO?

• To develop the rule of law in China

• To reduce China's population

• To isolate China economically

• To increase China's military power

What was one of the significant economic impacts of China's WTO membership on the global market?

• Decrease in global trade

• Rise in global oil prices

• Deflationary pressure due to low-cost labor

• Increased global inflation

How did foreign companies generally fare in China after its WTO accession?

• They faced massive losses

• They thrived and made profits

• They were banned from operating

• They had to merge with local companies

What is one of the legacies of globalization mentioned in the transcript?

• Increase in global peace

• Reduction in trade barriers

• Massive accumulation of debt

• Decrease in global debt

What is a key reason for the US imposing tariffs on China?

• To promote Chinese exports

• To address economic imbalances

• To support Chinese state-owned enterprises

• To increase US imports

What was a major factor in the rise of populism in Western democracies?

• Increased global cooperation

• Negative real income growth

• Decrease in technological advancements

• Rise in global temperatures

What was a miscalculation regarding China's economic strategy post-WTO accession?

• Belief that state-owned enterprises would fail

• Expectation of immediate political liberalization

• Assumption of China's military expansion

• Prediction of China's population decline