This book examines China’s economic challenges through the resonance of three long historical cycles, offering a theoretical framework evolved over 35 years of research. Integrating Karl Polanyi’s analysis of capitalism’s market-society dynamics with postwar globalization patterns, the book conceptualizes a “pendulum movement of globalization”, and takes this factor as a historical driving force that leads to profound changes in the international economic order and domestic political economy, as important as the cycle of hegemony shifts.