The US and Europe are adopting the model that Russia, China, and India are discarding. The failure of command and control is writ large across the twentieth century—culminating in the collapse of the Soviet Union and upheaval and transition away from the Maoist model in China—and the first fifteen years of the twenty-first. The Western nations are not yet totalitarian nightmares and Russia, China, and India are not libertarian paradises and may never be so. What is important, however, for real-time analysis as history unfolds, is to recognize the direction and magnitude of incremental moves at the margin, which yields the conclusion that the latter are moving away from statism while the former increasingly embrace it. Not only do these trends have important geopolitical implications, they suggest an investment strategy far different, and far more profitable, than the one most Western investors, individuals and institutions, currently employ.

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