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No two crises are alike. That is true of recent financial upheavals, the Asian financial crisis of the late 1990s,...

BEIJING — No two crises are alike. That is true of recent financial upheavals, the Asian financial crisis of the late 1990s, the dot-com crisis of 2000, and the global financial crisis of 2008-2009. It is also the case with crises sparked by geostrategic shocks, such as wars, pestilence, famine and pandemics.

China’s economic outlook once again became the focus of attention for many last week. For one thing, the Economist Intelligence Unit (EIU) listed the possibility of a hard landing for China’s economy as the topmost of the world’s top 10 risks. There was, nevertheless, no apparent reaction in U.S. or China stock markets, whose prices rose as expected, in stark contrast to their

Stephen Roach thinks America's latest financial trouble will reinforce China's narrative of terminal national decline

Stephen S. Roach used to tout the world's greatest growth story, until the political economy of autocracy spoiled the plot.