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This article discusses the relationship between capitalist and socialist approaches to the globalization and emerging markets. The socialist approach, which is related to Chinese foreign economic relations, is contrasted with capitalism, which is represented by the U.S. and neoliberal institutions such as the International Monetary Fund. Neoliberal institutions are presented as an institutional cover for the exploitation of developing countries. This approach is contrasted with the Chinese economic relationship with developing countries in Africa. The distinction between the behavior of the Chinese and the U.S. government in their relations with international organizations such as the World Trade Organization and the Asia-Pacific Economic Conference is also noted.