Adam Smith was an advocate of free markets. But this management professor argues he was also completely aware of the internal contradictions of markets. He saw class conflict as inevitable and was dubious that material acquisition could make anyone happy.

No, answers the author. Despite its progress, it has no substantial presence in the world's high income countries. And for all the talk about its dollar reserves, the quantity is far too small to buy up any significant share of the world's largest companies.

We are at a stage in the march of global capitalism at which the United States must learn to cooperate with Confucian and Muslim economic models. There are contradictions in capitalist growthânot least inequality, ongoing poverty, and environmental degradationâthat will require global...