William Pfaff: What if things go wrong in China?

From the International Herald Tribune:

While the flutter of a butterfly’s wing might not be quite enough to disrupt the international economy, it does not take more than a few flutters to spook traders, bankers and governments into interlinked financial crises. The vulnerability of advanced national economies to international disruption was demonstrated first in 1914, and again in 1929. It could find a new demonstration in the case of China today – or the near future.

This regime awaits its political crisis. The Communist Party lacks ideological legitimacy and survives by bureaucratic presence and power – and fragile economic growth. Political and economic ferment is everywhere.

One of these days, something is going to happen. The world, and its economy, will take notice

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