Is China Next?

Worries rise about the pressure of competitive devaluations

Bad things seem to be happening way too fast in the world economy. Countries no longer slide into recession; they plunge headfirst over the cliff, faster than a fund manager can hit the redial button on his phone. Now that Russia's finances have imploded, the worriers are turning their attention to the other onetime communist colossus grappling with economic reform: China. Since the once vaunted "Asian miracle" has taken on the aura of a curse, a lot of investors and governments are asking if the People's Republic of China will be the next to fall.

The parallels between the two Marxist...

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