We are at a stage in the march of global capitalism at which the United States must learn to cooperate with Confucian and Muslim economic models. There are contradictions in capitalist growthânot least inequality, ongoing poverty, and environmental degradationâthat will require global...

No, answers the author. Despite its progress, it has no substantial presence in the world's high income countries. And for all the talk about its dollar reserves, the quantity is far too small to buy up any significant share of the world's largest companies.

Economic reform in Russia has been described as 'shock therapy' because rapid industrial privatization, price liberalization and democratic reforms of the political system were introduced simultaneously. However, shock therapy led to insider control of most manufacturing firms, with important...