Maçaes, B. (2019). Belt and Road: A Chinese World Order. London: Hurst & Company

BOOK REVIEW

Maçaes, B. (2019). Belt and Road: A Chinese World Order. London: Hurst & Company

* Victor Manuel Isidro Luna

THE PURPOSE OF THE BELT AND ROAD China was able to obtain fixed capital and techno-

initiative is to create a new financial, political, cul- logical capabilities. Second, it explains how Chi-

tural, and economic order from Lisbon to Jakarta. na’s capacity production must supply the demand

With its epicenter in China, it aspires to reshape of other countries, for the development of perip-

the existing world order in the short to medium heral economies will maintain external demand

term. Although some richer countries like the Uni- for Chinese products and supply China with raw

ted States will retain part of their old power, more materials such as oil and gas. Third, the new wor-

countries in this new world order will become pros- ld order will be established according to the com-

perous and interdependent. Methodologically, this mand of global chains of value-added exports with

book uses aspects of world-system analysis: count- China retaining, in the future, the central chains.

ries participating in chains of value-added market Chapter 2 outlines the main roads, ports,

economies, with the help of the state, are going to and economic corridors that the Belt and Road

produce a more prosperous and coordinated world. will target, suggesting some possible conflicts

Chapter 1 outlines the political initiatives that that the initiative may face, such as national de-

led to the Belt and Road Initiative and highlights bts. The key debate of the chapter is whether the

the gaps that it must address to generate develop- market or the state will lead the Belt and Road

ment in Eurasia, Latin America, and Australia. initiative. Maçaes asserts that, though the mar-

First, it explains how the policies of Deng Xiao- ket will allocate resources and the private sector

ping made China’s development possible: by ne- will have the primary role, the state will main-

gotiating with the United States during the 1970s, tain an integral economic role in all countries.

* Victor Manuel Isidro Luna is an instructor in the School of Economics at the National Autonomous University of Mexico. He obta-

ined a Ph.D. in Economics from the University of Utah (2013) and has numerous articles in journals such as Journal of Economic Issues, World Review of Political Economy, and Ecos de Economía. His main areas of interest are development banks, BRICS, and the role of money in development. Email:u0559410@uofutah.onmicroso.com https://orcid.org/0000-0003-1571-9387

How to cite: Luna, V.M.I. (2021). [Review of the book Belt and Road: A Chinese world order by Maçaes, B.] Belt & Road Initiative Quarterly, 2(4), 74-75.

BOOK REVIEW

Different types of loans (interest-free, plan to restructure the existing value-added chains.

grants, and commercial) and foreign direct in- Additionally, Japan may have the will to cooperate

vestment made by China will finance the pro- with China and launch investment plans in periphe-

jects; the role of the state, therefore, will be to ral countries; same with the European Union, assu-

control the allocation of financial resources. ming both economic giants share control of the valu-

e-added chains. India, however, may not because its

Even though China is a productive leaders view the initiative with suspicion and fear the

and financial superpower, the author possible development of countries such as Pakistan.

recognizes that it lags behind the United Even though China is a productive and finan-

States and India in the spread of its cial superpower, the author recognizes that it lags

cultural values, what he calls “soft power”. behind the United States and India in the spread

of its cultural values, what he calls “soft power”. In

His ideas are controversial and a deeper discus- the final chapter, the author sketches several scena-

sion of market-led economics with state participation rios for China’s future: Chinese integration into the

should be entertained if the goal is to have a more cocapitalist system, convergence with the United Staoperative and coordinated world order in the future. tes; China surpassing the United States’ wealth and In chapter 3, Maçaes acknowledges that China slightly modifying liberal principles; a clash betweis soon going to transition from a middle-income en the United States and China; and a new worcountry to a world power by 1) controlling the suppld order organized by China with different values: ly of energy sources such as oil and gas and some amity, sincerity, mutual benefit, and inclusiveness. key minerals such as cobalt, 2) occupying the cent- Overall, the book has interesting and engaral value-added chains, and 3) organizing these vaging material. Specifically, Chapter 4 highlights lue-added chains with global participation. In terms the role of India in the new world order to suggest of the production and distribution of commodities, that this order should be accomplished through al- China will be positioned at the top of world power, liances among countries. Furthermore, the book though knowledge will be its main product. Moreo-

ver, world development, not one-state development, explains the likely difficulties for countries de-

will be the result of China’s organizing role in these faulting on their loans from China in the future.

value-added chains. Theoretically, this chapter rests Despite this, I want to highlight several aspects

on world-system analysis (including some of Im- that need more explanation: 1) the role of Russia in the

manuel Wallerstein’s ideas). However, many of the new world order; 2) the author uses theoretical aspe-

ideas from world-system analysis are not incorpo- cts of world-system analysis but does not explain why

rated, such as the role of the state and monopolies. the market should lead the new world order; in some

Chapter 4 describes the future of China, the Belt paragraphs, he mentions that China’s values are diffe-

and Road Initiative, and the role of other countries in rent from those of Western society, but, if the values

the potential new world order. Some of the key pla- are different, the market must be embedded in some

yers include the United States, India, Japan, and the specific institutions, which he does not provide a furt-

European Union. The author notes that the United her explanation of; and 3) the author needs to explain

States is the only country that can confront China, but why he thinks that a new world order led by the mar-

it does not have the strength to launch an investment ket will produce a fairer situation for other countries.