Joseph Stalin boasted just before he died that Communism had deprived the capitalist nations of 800 million potential customersthe have-nots in his Soviet empire. The capitalist powers would fall out over the remaining market, he predicted, and this would lead Britain, France, Germany and Japan to "break out of American bondage . . . on a path of independent development."
Stalin, like Marx before him, overlooked the fact that healthy capitalism creates its own expanding market by 1) raising the living standards of its people; 2) opening new frontiers, such as Africa. Yet in Europe, and Asia last week, there were...
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