The SpaceX Crew Dragon capsule that’s orbiting the Earth with two US astronauts is the picture of New Space Age glamour. It’s a sleek, stylish commercially made capsule that’s destined to be featured beside Italian sports cars in future design textbooks. Just don’t tell that to Elon Musk, SpaceX’s chief executive and chief designer. “Is a Ferrari more reliable than a Toyota Corolla or a Honda Civic?” he once asked a space journalist. The answer, of cou

What is the COVID-19 crisis teaching us about the role of the state? And what lasting lessons will our societies draw from it? It is still very early to be asking these questions, but they cannot be avoided. Postponing their discussion would simply leave the field open for those peddling old obsessions whose time is long gone (if it ever came). The starting point should be that, Brazilian President Jair Bolsonaro and US President Donald Trump notwithstanding, a new pandemic consensus has been f

A major turning point in US-Chinese relations occurred Thursday. It nominally involves the future of Hong Kong, but has major significance for Washington and the wider world. China’s National People’s Congress approved a security law that will allow Beijing’s security agencies to crack down directly on the civil liberties of Hong Kong residents, who have been protesting the regime’s indirect efforts to shrink their freedoms since last summer. China promised Hong Kong a

The Chinese consumer has been one of the most important drivers of the world economy over the past decade, fueling hopes of prolonged growth and profits. So it’s worth looking at what’s happening to household balance sheets as COVID-19 wreaks havoc on a population now feeling the downside of growing personal leverage from the boom. In the last major financial crisis, big-spending Americans were hit hard, but the Chinese found new ways to open their wallets and took the rest of the

Jennifer recently opened a restaurant. She faithfully paid the rent, taxes and other sundry fees. She also hired staff, including a talented chef. She developed an incredibly tasty menu. Not long after she started her long-awaited business, a horde of customers rushed to dine out at the new restaurant. The restaurant became so famous and popular that a great number of people rode buses for hours to visit the restaurant and have a nice meal. Business, all in all, was great, and nothing would st

In just a few months, COVID-19 has stricken millions and effectively shut down the global economy. But at the same time, the pandemic has profoundly altered the global debate about inequality and raised the prospect of reversing our decades-long failed experiment with market fundamentalism. Many lauded this month’s May Day protests by newly recognized (but still underpaid) “essential workers” as a sign of growing activism. But fewer have noticed that people around the world ar