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Pundits are proclaiming the beginning of an Asian century. Many think that the next G20 meeting, which will take place in Seoul this autumn, represents a transfer of power from West to East, a decline of Western influence, and a geopolitical tectonic shift. Such a hyperbolic vision of history seems justified, at least on the surface, by a series of recent events. China, for instance, is said to have surpassed Germany’s exports and should thus be considered the leading global economic power. Actually, the statistic is irrelevant, because it considers as exports products that are merely assembled in China: the imports that make possible the assembly—and eventual exporting—should be deducted from the measure. Other observers have pointed to the South Korean company Korean Electric,...