A paradigm shift is underway. China’s central bank approved trading of credit derivatives in September. China's willingness to innovate its financial markets signals adaptation and improvisation. It also may signal something much larger—the financial student becoming the master. We Americans like to think of our economy as being powerful and innovative, and the Europeans as having a modern, progressive, trading bloc tour de force. We both believe we live in liberal democracies with embarrassingly high standards of living. But when you take a stroll through China’s largest city, Shanghai, you realize quite quickly that, actually, we do not. The bustling and prosperous people, posh restaurants, ...
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