General Electric (GE) and Sears have fallen on hard times, and that tells us a lot about US capitalism. Both were once great enterprises — symbols of American ingenuity and imagination. The temptation will be to blame their troubles on mismanagement. The real lesson is starker. It is that no business, no matter how historically innovative or powerful, is guaranteed ...

Consumerism in post-1978 China has ridden five waves: from finding a solution to food shortages; to owning the “new big three” (refrigerator, colour TV and washing machine); spending more on information; buying automobiles; and finally, real estate. All the swells are now spent, according to Renmin University economist Xiang Songzuo. Using stimulus to reverse the first annual decline in car ...

For investors trying to take into account environmental, social and governance concerns, the best response seems to have been to adopt a version of St. Augustine’s prayer: “Oh Lord, make my strategy pure, but not too quickly.” For whenever the issue of socially responsible stock-picking arises, so too does the suspicion that doing good comes at a price. A study ...