Without any new ideas from a technocratic government constrained by President Vladimir Putin’s apparent indifference, the Russian economy is once again relying on consumers, who are borrowing more to buy real estate and imported products. The growth is real, but it’s also meager. And it will be hard to sustain without bigger changes. On Monday, Rosstat, Russia’s official statistics agency, announced that the country’s gross domestic product increased 1.8 percent year-over-year in the quarter tha

Viewpoints Nov. 16, 2017

A good rule of thumb for dealing with Iran is to always remember that the Islamic Republic is not a normal nation, guided by the rule of law. When it detains foreign nationals, they are not prisoners awaiting due process. They are hostages to be traded for concessions -- by a regime founded by hostage takers.　This really should go without saying. But evidently Britain needs a reminder. Take the latest “scandal” involving a minister in the government of Theresa May, Foreign Secretary Boris Johnso

Viewpoints Nov. 15, 2017

In a surprise announcement, the Chinese Ministry of Finance declared on Friday that it will henceforth allow foreigners to own Chinese banks outright and gain majority stakes in insurance and securities firms. While dramatic, this isn’t China’s first effort to open up its economy to outside expertise and competition. If they want this one to succeed, officials will need to do more than hang out a “for sale” sign.　Ever since joining the World Trade Organization in 2000, China has continued to pro

Viewpoints Nov. 13, 2017

President Donald Trump’s visit last week was a reminder of the risk faced by South Korea from its northern neighbor. You would think the mounting tensions would send South Korean stocks crashing. That hasn’t been the case.　In fact, South Korea is one of the strongest-performing world stock markets this year, with the iShares MSCI South Korea ETF, known as EWY, up almost 43 percent. And that’s after losses in three out of the previous six years.　Markets have a history of ignoring or brushing off

Viewpoints Nov. 12, 2017

As President Donald Trump makes his way across Asia, ears in local capitals have picked up a subtle but unmistakable change in messaging from the US administration. The shift focuses on an apparently innocuous term: “the Indo-Pacific.” US National Security Adviser H.R. McMaster introduced the president’s itinerary to reporters as “a great opportunity to demonstrate America’s and the Trump administration’s commitment to the Indo-Pacific.” Trump himself has used the term and it’s all over the offi

Viewpoints Nov. 12, 2017

Smartphones may be killing print in China, but they’re revolutionizing literature. Last year, 333 million Chinese read fiction written for their phones and other devices, according to government data. Some is written by hobbyists and some by professionals. Increasingly, though, it’s hard to tell the difference, as China’s “online literature” morphs into a $1.3 billion industry.　Investors have taken note. On Wednesday, China Literature Ltd., the country’s biggest online publisher, will go public

Viewpoints Nov. 9, 2017

Chinese President Xi Jinping’s assumption of supreme leadership seems to suggest that the Chinese Communist Party has finally reached the impasse long predicted by its critics. It may no longer be able, as Minxin Pei wrote in “China’s Trapped Transition: The Limits of Developmental Autocracy,” to “build broad-based social coalitions to pursue its policies and defend itself.”Rule by autocratic decree invariably strangles the possibility of new ideas and innovations -- what advances the process of

Viewpoints Nov. 9, 2017

Just a few years ago, fatigue from “Anglo-Saxon lecturing” was a hallmark of authoritarian regimes like Vladimir Putin’s in Russia or Xi Jinping’s in China. Now it’s surfacing in mainstream European media -- a sign that, after Brexit and Donald Trump’s victory, the English-speaking world is losing intellectual legitimacy.　On Thursday, El Pais, Spain’s newspaper of record, published an article in English by its Editorial Director Jose Ignacio Torreblanca, entitled “Anglocondescension.” Dripping w

Viewpoints Nov. 7, 2017

French President Emmanuel Macron’s efforts to loosen the country’s labor code are innovative and welcome. They might help attract more investment. But if France truly wants to reconcile the interests of companies and workers, it also needs a different kind of reform -- one focused on protecting people, not jobs.　Macron’s plan increases legal penalties for “wrongful” dismissals, while curbing the ability of courts to grant workers even greater compensation. This is the right approach; the problem

Viewpoints Nov. 7, 2017