Another major risk of interest-rate liberalization in China stems from rising public debt, particularly local-government debt, which has grown significantly in the wake of the global financial crisis.

while remittances to developing countries are five times higher than official development assistance, the enormous potential returns for society have not been realized.

But, if independent technocrats are allowed to determine long-term policy and set objectives that cannot be influenced by democratic majorities, democracy itself is in serious jeopardy.

Today, roughly one-quarter of the world's population lives in conflict-affected and fragile states.