STEPS Journal ArticleIssue 11 · July 2025
Economic Security · Global Competition, National Security & Defense
Leveraging Strength in Economic Statecraft
There was once a time when it was assumed that China would move toward liberal democratic institutions and, with that, pursue a more open capitalist economy. This assumption was based on the argument that as China grew richer through capital investment and market-driven economic expansion, its population’s values and outlook would become more Westernized.
Francis A. Finelli, Timothy Welter, PhD