"Those in Mexico, Indonesia, Brazil, India and other emerging markets should be told a quite different message: do not strive for a mythical free-market economy, which has never existed. Do not follow the encomiums of US special interests, whether in the corporate or financial arena, because, although they preach free markets, back home they rely on the US government to advance their aims.

Instead, developing economies should look carefully, not at what America says, but at what it did in the years when America emerged as an industrial power, and what it does today. There is a remarkable similarity between those policies and the activist measures pursued by the highly successful East Asian economies over the past two decades. "