Title of paper

China and Post-Millennium African Economic Development Strategy as a Non-Zero-Sum-Game

Presenter's country

Canada

Start Date

27-5-2016 9:00 AM

End Date

27-5-2016 10:00 AM

Submission type

Keynote

Abstract

This paper will first probe Africa's and China’s historical trajectory with regard to their experience with European colonialism and western neo-imperialism and then juxtaposes that experience with Africa’s relation to China from antiquity to the present. It analyzes China's and Africa's creative leap , particularly since the millennium, into a new paradigm, a new way of economic relationship totally different from that with the West The focus is on analyzing China’s heavy economic investment in Africa based on the hypothesis that the relationship is mutually beneficial rather than being exploitative as some scholars suggest. The hypothesis draws from Decision Theory’s concept of a Zero Sum Game. It is understood that in a two partnered non-zero sum game theory, one partner’s gain or loss does not necessarily result in the other partner’s loss or gain. In other words, a non-zero-sum game depicts the winnings and losses of all partners as not adding up to zero but rather as a win-win deal for both. The same scenario explains China’s heavy involvement in contemporary African Economic development and the latter’s ready acceptance of the Middle Kingdom’s gargantuan investment ventures in Sub-Sahara Africa that pales those of former colonial masters and all highly developed democratic regimes of the West such as the U.S. This paper provides empirical data for Chinese investments in Africa and its concomitant spinoffs for both stake holders. It highlights the economic development gains in Sub-Sahara Africa since the millennium, how much of it was spawned by China’s heavy investments and what China expects in return. It also draws attention to great power rivalries that have ruffled the feathers of former colonial powers and other Western countries who construe the entire enterprise as a sino-imperialist venture. The article then tries to fetter out the cost-benefit to both partners in terms of Chinese foreign economic investment in contrast to Beijing’s dire need for Africa’s abundant natural resources to keep running its unprecedented mega economic growth rate that has already made it PPP wise the largest global economy surpassing what had been hitherto an unchallenged economic powerhouse, the United States of America.

Keywords

China, Sub-Sahara Africa, direct foreign investment, development, Chinese Yuan, Renminbi, great power rivalries, natural resources, commodities, fossil fuels, minerals, infrastructure development, colonial powers, neo-imperailism, Aid, African Union, non-zero-sum game, BRICS, United Nations, United States, Japan, African Countries, Africa, World Bank, IMF, Military Intervention, currency, U.S. dollar, recession, depression, OPEC, Loans, Interest, civil wars, peace dividend, piracy, failed state, import, export, tariffs, debt, debt forgiveness, dams, roads, railways, trade, Angola's development with Chinese help, Ethiopia's development with Chinese help, China and Resouce Rich countries, China and Resource poor countries, IMF, World Bank, Bretton Woods, Structural Adjustment, Conditionalities, Purchasing Power Parity (PPP)

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May 27th, 9:00 AM May 27th, 10:00 AM

China and Post-Millennium African Economic Development Strategy as a Non-Zero-Sum-Game

This paper will first probe Africa's and China’s historical trajectory with regard to their experience with European colonialism and western neo-imperialism and then juxtaposes that experience with Africa’s relation to China from antiquity to the present. It analyzes China's and Africa's creative leap , particularly since the millennium, into a new paradigm, a new way of economic relationship totally different from that with the West The focus is on analyzing China’s heavy economic investment in Africa based on the hypothesis that the relationship is mutually beneficial rather than being exploitative as some scholars suggest. The hypothesis draws from Decision Theory’s concept of a Zero Sum Game. It is understood that in a two partnered non-zero sum game theory, one partner’s gain or loss does not necessarily result in the other partner’s loss or gain. In other words, a non-zero-sum game depicts the winnings and losses of all partners as not adding up to zero but rather as a win-win deal for both. The same scenario explains China’s heavy involvement in contemporary African Economic development and the latter’s ready acceptance of the Middle Kingdom’s gargantuan investment ventures in Sub-Sahara Africa that pales those of former colonial masters and all highly developed democratic regimes of the West such as the U.S. This paper provides empirical data for Chinese investments in Africa and its concomitant spinoffs for both stake holders. It highlights the economic development gains in Sub-Sahara Africa since the millennium, how much of it was spawned by China’s heavy investments and what China expects in return. It also draws attention to great power rivalries that have ruffled the feathers of former colonial powers and other Western countries who construe the entire enterprise as a sino-imperialist venture. The article then tries to fetter out the cost-benefit to both partners in terms of Chinese foreign economic investment in contrast to Beijing’s dire need for Africa’s abundant natural resources to keep running its unprecedented mega economic growth rate that has already made it PPP wise the largest global economy surpassing what had been hitherto an unchallenged economic powerhouse, the United States of America.