SHANGHAI -- "Markets with Chinese characteristics" are as volatile and hard to control as markets with American characteristics. Markets invariably take on a life of their own; they cannot be easily ordered around. To the extent that markets can be controlled, it is through setting the rules of the game in a transparent way. The policy approach China adopts will strongly influence economic performance and prospects worldwide.
Markets do fluctuate, but the crash of Shanghai means China will soon need a new development model. And there seems to be no secret Chinese institutional or developmental sauce. China will -- unfortunately -- likely become another corrupt middle-income country in the middle-income relative development trap.
When people talk about the keys to good health, they always talk about balancing mind, body and spirit. However I believe they are missing the key ingredient of financial health. Health and wealth are interconnected and if any of the pillars of health are disturbed, it can cause sickness and even death.