China's Growth: Still for Real

This week, the Chinese government announced that China's economy had expanded by a stronger-than-anticipated 10.7 percent in the last quarter of 2009 and that it had grown 8.7 percent for the entire year. This news, however, was not greeted with relief but with the skepticism that has typically met such news emanating from China in recent years. The Wall Street Journal ran a story on its front page with the headline "China Seeks to Tame Boom, Stirs Growth Fears."

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The 'Global Imbalances' Myth

As the economic crisis has eased in recent months, a questionable international consensus has emerged: The global economy needs to be rebalanced. "We cannot follow the same policies that led to such imbalanced growth," President Barack Obama said during his Asia trip last month. European Central Bank head Jean-Claude Trichet declared in September that "imbalances have been at the roots of the present difficulties. If we don't correct them, we'll have the recipe for the next major crisis."

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What's In After Greed?

American culture at the end of 2002 is adrift. As quickly as the New Economy rose, it fell, leaving America rudderless once again. In the 1970s, after the seeming failure of big government to improve people's lives, it took several years for the free-market ethos of the 1980s to assert itself. Now we are in a new vacuum, but we will soon discover a new Zeitgeist.

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