Caution with China's miracle

Published August 25, 2010

Will the 21^st century belong to China? For a while, perhaps—but only in the sense that it was said to belong to Japan in the 1980s.

Looking back now, that seems ridiculous, but at the time, best-selling books were predicting that Americans, not to mention the rest of the planet, would be reduced to virtual serfdom by the relentless high-speed growth of the Japanese economy. Then it stopped...