Indigenous innovation policies are unlikely to vault China to the forefront of global innovation. The costs, instead, will be extracted from the gains that American firms would otherwise enjoy in the Chinese market.

A review of James McGregor's One Billion Customers.

An underlying assumption of U.S. economic engagement with China is that the market forces unleashed by international trade and investment will necessarily spur economic and political change in Chinese society. To what extent has this assumption been borne out by more than two decades of booming economic ties between the...

Not since Dwight Eisenhower had a president who enjoyed such widespread popular approval also won such little respect from pundits.