What Does Volcker Mean for China?

The tragedy of the communist capitalist system is that it allows people to act out of real earnest desire to do the good thing but end up re-inscribing the worst thing you could do. There is the wiring that we're like there's the incentive structure that determines our behavior and then there is our imagined story we tell ourselves about why we're doing things. And those things are not the same and there is conflict between them.