Since the 1980s China has been on a path of economic reform delivering better results in terms of economic growth than the policies of the IMF. With China's accession to the WTO almost a billion workers were added to the global economy. Within no time, China became the world's factory thanks to the virtually unlimited supply of cheap labor, driving down the real wage of blue- and white-collar workers in the U.S. and Europe. Although the U.S. government supported the economy by the low-interest policy, it resulted in the housing bubble and the destabilization of the financial sector. The...