In this special edition of the Hinrich Foundation’s podcast on global trade, the Association of Foreign Press Correspondents-USA sits down with Robert D. Atkinson, Senior Fellow at the Information Technology and Innovation Foundation (ITIF), to discuss China’s growing technological and industrial strength, the areas in which the West still holds an advantage, and what it must do to remain competitive.

China’s rise as a technological and industrial power has challenged long-held Western assumptions about how innovation, markets, and state intervention shape competitiveness, Robert D. Atkinson, Senior Fellow at the Information Technology and Innovation Foundation (ITIF), said. Its advantage rests not only on the size of its economy, but also on extensive, highly integrated supply chains, large-scale subsidies, and a state-directed model that aligns firms with national priorities. China already leads in electric vehicles, nuclear power, and telecommunications equipment, while advancing rapidly in robotics and investing aggressively in aerospace, biotechnology, and quantum technologies, he said.

By contrast, the West’s remaining advantages lie in powerful multinational companies, a strong entrepreneurial culture, and greater freedom to innovate. But they count for little if innovation cannot be turned into competitive production at scale. Efforts to translate technological strengths into industrial capacity are plagued by short-term financial incentives, fragmented policymaking, inadequate US research funding, and weak coordination among allies, Atkinson said. The central challenge is whether the West can marshal its strengths behind a serious, coordinated industrial strategy before China’s advantages become more deeply entrenched.

Tune in to this podcast organized by the Association of Foreign Press Correspondents-USA and supported by the Hinrich Foundation to unpack how China’s state-directed model has proven so effective and why pressure is mounting on the West to respond. The podcast is based on Atkinson’s recent paper for the Hinrich Foundation, “Is the West better than China?”

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Tune into the Hinrich Foundation’s podcast series for insights on international trade.

In this special edition of the Hinrich Foundation’s podcast on global trade, the Association of Foreign Press Correspondents-USA sits down with Stewart Paterson, Senior Research Fellow at the Hinrich Foundation, to examine whether the world is moving toward a more fragmented, multi-currency system as US inflation, alternative payment systems, and China’s renminbi ambitions test the dollar’s dominance.

The US dollar has anchored global trade and finance for decades, giving the United States extraordinary leverage over payment infrastructure, sanctions enforcement, and global financial stability. But the foundations of dollar dominance are coming under pressure. Persistent inflation, America’s deteriorating net international investment position, and China’s growing role as the world’s dominant manufacturing power are weakening some of the economic conditions that have long supported the dollar’s centrality.

But dollar dominance is no longer being tested by economics alone. The weaponization of dollar-based financial infrastructure has encouraged China and other economies to explore alternatives, while central bank digital currencies, instant payment networks, and platforms such as mBridge could make non-dollar settlement faster, cheaper, and more commercially viable. China’s renminbi remains constrained by capital controls and a fragile banking system, but its push to build alternative financial infrastructure points to the possibility of a more fragmented monetary order.

Tune in to this podcast as Stewart Paterson, Senior Research Fellow at the Hinrich Foundation, joins the Association of Foreign Press Correspondents-USA to break down the economic, geopolitical, and technological pressures reshaping the dollar’s role in global trade and finance. The podcast follows up on Paterson’s recent paper for the Hinrich Foundation, “Trump 2.0 and dollar dominance: Make or break?”

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Tune into the Hinrich Foundation’s podcast series for insights on international trade.

The Hinrich Foundation Trade Book Talk hosted a discussion with Jonathan Saunders, author of Empires of Trade: The Ruthless Battle for Globe. In conversation with moderator and Trade Education Program Director Alex Boome, Saunders examines trade not as a neutral exchange of goods, but as a persistent arena of strategic global competition.

Saunders contrasts simple international trade with the complex web of modern globalization, arguing that a decades-long, relentless pursuit of corporate efficiency stripped supply chains of crucial redundancies. When recent macro-shocks hit, such as the COVID-19 pandemic, the war in Ukraine, and semiconductor shortages, this fragile, hyper-interconnected system fractured. Drawing deep historical parallels, Saunders compares historical mercantilist battles over commodities like nutmeg to today's aggressive struggles for dominance over advanced technologies and supply routes.

To navigate this volatility, Saunders advises businesses to prioritize situational awareness and resilience by building contractual redundancies and cultivating backup supply networks. Looking forward, he outlines four potential trajectories for global commerce: a fractured "New Cold War," a volatile but sustained period of "Managed Competition," a devastating "Collapse of Globalization," or an optimistic, decentralized, and technology-driven "Globalization 2.0".

Tune into the Hinrich Foundation’s podcast series for insights on international trade.