In this episode, Dr. Shahar Hameiri and Dr. Lee Jones discuss the political economy and financing behind global infrastructure development, with a focus on China’s Belt and Road Initiative (BRI). The discussion explores the driving forces behind Chinese infrastructure investment, while addressing the crucial question of why American and European initiatives such as Global Gateway and the Program for Global Infrastructure and Investment struggle to compete with the BRI. We discuss dynamics of public and private finance, the role of public-private partnerships, and the challenges private investors face. Importantly, this episode reveals the U.S. Development Finance Corporation’s increasing reliance on private capital, and the decline of the construction sector in the U.S. economy. This comprehensive view shows how different financing and development models shape the global infrastructure landscape, how infrastructure development has evolved into its current state, and novel fields of competition, such as undersea Internet cables.
Hameiri and Jones are co-authors of Fractured China: How State Transformation is Shaping China's Rise (Cambridge University Press, 2021).
Dr. Hameiri is Professor in the School of Political Science and International Relation at The University of Queensland. A political economist with diverse research interests, traversing the fields of security, development and aid, governance, political geography and international relations, he is interested in understanding the evolving nature of statehood and political agency under conditions of globalisation. His books include International Intervention and Local Politics (Cambridge University, 2017), Governing Borderless Threats: Non-Traditional Security and the Politics of State Transformation (Cambridge University Press, 2015), and Regulating Statehood (Palgrave Macmillan, 2010), and he is a co-editor for the fourth edition of The Political Economy of Southeast Asia: Poliltics and Uneven Development Under Hyperglobalisation (Palgrave Macmillan, 2020). X: @ShaharHameiri.
Dr. Jones is Professor in International Politics at the Queen Mary University of London. Lee specialises in political economy and international relations, focusing on the politics of intervention, security, and governance, with a particular interest in social conflict and the transformation of states. Much of his work focuses on Southeast Asia and China. Lee regularly advises the British and other governments and civil society organisations and has often appeared in the national and international media. A fellow of the Higher Education Academy, he also sits on the board of Palgrave’s series Studies in the Political Economy of Public Policy, and the ESRC’s peer review college. For further information see www.leejones.tk.
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Why Can’t the US Compete with China in Infrastructure? | New Books in Economic and Business History podcast - Listen or read transcript on Metacast
