State capitalism is about more than emergency government spending, implementation of more intelligent regulation, or a stronger social safety net. It… - Ian Bremmer

The great thing about the U.S. economy right now is that we are the smart kids in the stupid-kid class. America has fiscal problems and gridlock issues and polarity and partisanship in Congress -- and yet, compared to Japan and Europe, the U.S. looks great.

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.

An emerging market is a country where politics matters at least as much as economics to the market.