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• An emerging market is a country where politics matters at least as much as economics to the market.
  • "Managing Risk in an Unstable World," Harvard Business Review (June 2005)

• The developed world should neither shelter nor militarily destabilize authoritarian regimes—unless those regimes represent an imminent threat to the national security of other states. Developed states should instead work to create the conditions most favorable for a closed regime’s safe passage through the least stable segment of the J curve—however and whenever the slide toward instability comes. And developed states should minimize the risk these states pose the rest of the world as their transition toward modernity begins.
  • The J Curve: A New Way to Understand Why Nations Rise and Fall (2006)

• India and China offer intriguing mirror images. Modern India has long been open politically and, until recently, closed economically. Modern China has opened economically, but remains politically closed. The comparison reveals that, while politics and economics can never fully be separated, political openness is a better guarantor of long-term stability than economic openness.
  • The J Curve: A New Way to Understand Why Nations Rise and Fall (2006)

• New York used to be the financial capital of the world. It's no longer even the financial capital of the U.S. For the moment, Washington is.
  • "The New Capitals of Capital," Forbes (March 19, 2009)

• The free market tide has now receded. In its place has come state capitalism, a system in which the state functions as the leading economic actor and uses markets primarily for political gain.
  • "State Capitalism Comes of Age," Foreign Affairs (May/June 2009)