Decoupling of US and Chinese economies is ‘inevi

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Paterson’s book argues that China’s rise has come at the expense of western economies and societies and was facilitated by the governments of the time, notably the Clinton administration in the US.

The rise of populism throughout the West today can be directly traced to China’s WTO membership, which was achieved after “pernicious” lobbying by US corporations around the turn of the century, it says.

Paterson said that the only two winners from China’s accession were “the [Chinese Communist Party] and the 1 per cent [wealthiest] in the West”. The US’ “naive” pursuit of low inflation at the same time led to lower wages and poorer societies, “stimulating the Chinese economy by taking on greater levels of debt” while “China got everything it wanted”.

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