■"Sputnik Scare, Updated," op-ed by Robert J. Samuelson, Washington Post, 26 May 2005, p. A27.

When I did my diagnostic on op-ed columnists recently, I neglected to mention the most excellent Robert Samuelson who writes for the WP. This piece is another great example of why I like him: he too likes to put fear in context. The China/India bogeyman sold by Friedman and othersówhether in economic or military formóis just the latest version of America getting itself lathered over some imaginary "gap" in capabilities. Typical of our myopia, instead of focusing on the real Gap of regions poorly connected to the global economy, we obsess over our own levels of connectivity and skill sets, indicative of the type of zero-sum mentality (if you gain, I must be losing!) we constantly tell developing countries to abandon as they adopt market principles.

Here's the best part from the op-ed:

The Sputnik syndrome is an illusion. It transforms a few selective economic happenings -- a satellite here, a Toyota there, poor test scores everywhere -- into a full-blown theory of economic inferiority or superiority. As often as not, the result is misleading. We are now going through this process with China and India. Their entry into the global economy is a big deal, with some obvious pluses and minuses for us. As they get richer, some of their talent that once came our way may stay home (especially if we make getting U.S. visas harder). On the other hand, good ideas that originate in Bangalore or Shanghai will soon benefit people everywhere -- just as good American or Japanese ideas have before.

Do China and India threaten us economically? Possibly, though not in the usually imagined way. Their low wages and rising skills will continue to cost us some jobs, especially in an easily interconnected world. But if global trade were reasonably balanced, we should roughly gain what we lose. Countries that export would spend their earnings on imports.

Unfortunately, trade isn't well balanced. China and many Asian countries (though not India) run huge surpluses; they sell more than they buy. That's why the Bush administration is rightly pressuring China to revalue its currency, which would make Chinese exports more expensive and its imports less expensive. The danger is that the China bloc destabilizes the world economy -- not that it soon overtakes us.

On being overtaken, history teaches another lesson. America's economic strengths lie in qualities that are hard to distill into simple statistics or trends. We've maintained beliefs and practices that compensate for our weaknesses, including ambitiousness; openness to change (even unpleasant change); competition; hard work; and a willingness to take and reward risks. If we lose this magic combination, it won't be China's fault.

Like my day of self-doubt, it's a natural indulgence. But don't give in, America. Remember your strengths. We have always assumed we're raising a generation of complete idiots, and we've always been wrong.