China Syndrome.

The world economy is at a crossroads. Continental Europe is stuck, emitting only faint signals of revival. Little surprise--no region can ever grow under the gravity of declining populations, 35-hour workweeks and scant entrepreneurs, especially those of the immigrant variety. Japan looks a bit better if you believe the Nikkei's 23% bump this year foreshadows better days. The Land of the Rising Sun has shown us false dawns before. Still, I think we'll finally begin to …

…well be on its best behavior between now and then. In the long run China must commit to greater press freedom, financial transparency, IP protection and the spread of privat property, It must work with the U.S. quietly and in good faith to resolve disputes--and there will be disputes. But as Americans, let us remember this is a two-way street. We must work in good faith, too. U.S. underperformance is not China's fault.