Thomas P.M. Barnett

The sense of ideological triumphalism with which China recently celebrated the 90th anniversary of Communist Party rule echoed a flood of recent books and analyses in the West that have readily embraced that same sentiment. Nevertheless, there is a growing mountain of evidence that suggests China's "unprecedented" economic accomplishments are far less impressive than popularly imagined. And with the region's "demographic dividend" already shifting from China to both India and Southeast Asia, there are plenty of reasons to believe that Beijing -- and the world -- is just one financial crisis away from finding the "superiority" of state capitalism revealed as a fraudulent myth.

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