For more than a century, countless American intellectuals and business leaders have looked enviously at how foreign countries "planned" and "managed" their economies. Woodrow Wilson and the Progressives drooled over Otto von Bismarck, and today every self-proclaimed "global strategist" gazes at China's managed capitalism like a kid with his nose pressed against a candy-store window.
Of course, China has made enormous progress since it decided that markets are a more desirable means of improving the lot of its citizens than organized mass murder. But China's fans still have an enormous blind spot.
Ask yourself this: Why are we in this financial crisis?
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