[The Korea Times]

“It’s over for America,” a Chinese academic told me in late 2008, two days after Goldman Sachs turned itself into a commercial bank in order to fend off possible collapse. “From here on, it’s all downhill.” Sitting in Beijing as American capitalism seemed to be hanging by a thread, it was easy to believe that one era was ending and another beginning.

The past half-decade should have been the glory years for the spread of Chinese influence around the world. After China’s ravishing 2008 Beijing Summer Olympics, and its startling recovery from the financial crisis, it had a platform to push for a bigger voice in international affairs. (View full article)