At the end of the Cold War, China gained massive capital with U.S. support by leveraging global shifts. But now, the government seems to be repeating the Qing Dynasty’s failed trade tactics — triggering sanctions, fueling nationalism, and risking conflict and collapse.

Here’s how the Qing’s trade cycle played out:

This cycle weakened the Qing and empowered foreign powers. Today, China appears to be entering Stage 3 all over again.