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.
Charles Kupchan, a senior fellow at the Council on Foreign Relations, argued in a New York Times opinion piece yesterday that the United States and Europe must learn to share the world with multiple “new forms of governance and capitalism,” and recognize that “the era of Western primacy” is coming to an end. It is certainly correct that “non-Western” developing nations are playing an increasingly important role in world diplomacy and the global economy, but the terms and categories Kupchan uses to describe this phenomenon lead him to provide some rather poor advice.