Earlier this month, Chinese authorities were forced to temporarily suspend trading of shares in the online unit of the People’s Daily newspaper, the official mouthpiece of the ruling Communist Party. The price had soared so rapidly since the website’s April debut on the Shanghai Stock Exchange—giving it a greater market value than the New York Times—that it triggered regulatory rules aimed at halting speculative manipulation. This development is just the sort of absurd extreme that comes shortly before an economic bubble bursts.
The magazine Commentary once published an article titled, “Has There Ever Been Anything Like the Soviet Union?” The piece appeared during the last decades of the Cold War, and the title was meant to convey the message that in the long and sordid annals of despotism, the USSR was unique—in the completeness of its totalitarian scheme, in the staying power of its mechanisms of control, in its global reach, and in its determination to assemble a terrifying arsenal even as its domestic economy lay in ruins. Eventually, of course, the Soviet Union succumbed, but for over 70 years it survived and even thrived as a model of anti-freedom that inspired regimes ranging from East Germany to North Korea.
Perhaps the biggest story to emerge from Sunday’s parliamentary elections in Russia is the central role played by new media. To be sure, the failure of Prime Minister Vladimir Putin’s United Russia party to obtain a solid majority in the State Duma, even while cheating, is significant. But the Kremlin-approved parties that profited from the antigovernment protest vote—the ultranationalist Liberal Democratic Party, the Communist Party, and the faux-opposition A Just Russia party—appear unlikely to stimulate reform. The election results thus reflected deep disillusionment with Putin, but utterly failed to provide a road map to future change.
In a startling one-two punch, China’s Communist regime won accolades last week from high-profile representatives of U.S. business and labor writing in America’s leading national newspapers. In the Wall Street Journal on December 1, former service workers’ union president Andy Stern touted China’s “superior economic model,” and in the New York Times on December 2, prominent Wall Street potentate Steven Rattner offered his guarantee that China’s speeding economic locomotive would remain firmly on track.