Transparency Is Not a Silver Bullet

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In March, America hosted its second summit for democracy. The 74 countries represented about two thirds of a global GDP. They declared that among other things, they would work to prevent and combat corruption. Starting next year, America is going to require that businesses that are formed or operating in the country, reveal their true kind of beneficial owners.

In a conversation that lasted eight hours over two days, the statesman discussed paths to peace in Ukraine, his evolving view on their NATO membership, and where China comes into play. Our crony-capitalism index is back, and the chart-topping culprits haven’t changed so much. And, the toymaker, Lego, is facing roadblocks in China.

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