Month: January 2021

Even Alibaba Entrepreneur Jack Ma Cannot Speak His Mind in Communist China

(p. A1) Chinese President Xi Jinping personally made the decision to halt the initial public offering of Ant Group, which would have been the world’s biggest, after controlling shareholder Jack Ma infuriated government leaders, according to Chinese officials with knowledge of the matter.

. . .

In a speech on Oct. 24 [2020], days before the financial-technology giant was set to go public, Mr. Ma cited Mr. Xi’s words in what top government officials saw as an effort to burnish his own image and tarnish that of regulators, these people said.

At the event in Shanghai, Mr. Ma, the country’s richest man, quoted Mr. Xi saying, “Success does not have to come from me.” As a result, the tech executive said, he wanted to help solve China’s financial problems through innovation. Mr. Ma bluntly criticized the government’s increasingly tight financial regulation for holding back technology development, part of a long-running battle between Ant and its overseers.

. . .

During his 21-minute speech, he criticized Beijing’s campaign to control financial risks. “There is no systemic risk in China’s financial system,” he said. “Chinese finance has no system.”

He also took aim at the regulators, saying they “have only focused on risks and overlooked development.” He accused big Chinese banks of harboring a “pawnshop mentality.” That, Mr. Ma said, has “hurt a lot of entrepreneurs.”

His remarks went viral on Chinese social media, where some users applauded Mr. Ma for daring to speak out. In Beijing, though, senior officials were angry, and officials long calling for tighter financial regulation spoke up.

After Mr. Xi decided that Ant’s IPO needed to be halted, financial regulators led by Mr. Liu, the leader’s economic czar, convened on Oct. 31 and mapped out an action plan to take Mr. Ma to task, according to the government officials familiar with the decision-making.

For the full story, see:

Jing Yang and Lingling Wei. “China’s President Personally Scuttled Record Ant IPO.” The Wall Street Journal (Friday, Nov 13, 2020): A1 & A9.

(Note: ellipses, and bracketed year, added.)

(Note: the online version of the story has the date November 12, 2020, and has the title “China’s President Xi Jinping Personally Scuttled Jack Ma’s Ant IPO.”)

Members of the Elite Exempt Themselves from Rules They Impose on the Hoi Polloi

(p. 12) SAN FRANCISCO — It was an intimate meal in a wood-paneled, private dining room in one of California’s most exclusive restaurants. No one around the table wore masks, not the lobbyists, not even the governor.

Photos that surfaced this week of a dinner at the French Laundry, a temple of haute cuisine in Napa Valley where some prix fixe meals go for $450 per person, have sparked outrage in a state where Democratic leaders have repeatedly admonished residents to be extra vigilant amid the biggest spike in infections since the pandemic began.

. . .

The photos of the gathering, taken by a diner at a nearby table and shared with a local television station, also showed the chief executive for the California Medical Association and the organization’s top lobbyist.

. . .

In a 2019 review of the French Laundry and two other Napa restaurants, the New York Times critic Tejal Rao described being “overwhelmed by the opulence” and feeling as if transported onto a “spaceship for the 1 percent, now orbiting a burning planet.” Mr. Newsom said in October that his children, who attend private school, returned to in-person classes even as most of the state struggles with remote learning.

“Newsom and the first partner eschewed state public health guidelines to dine with friends at a time when the governor has asked families to scale back Thanksgiving plans,” wrote the Sacramento Bee editorial board on Friday. It added, “If the governor can eat out with friends — and if his children can attend their expensive school — why must everyone else sacrifice?”

For the full story, see:

Thomas Fuller. “Officials’ Lavish Meal Out Spurs Outrage Among Californians.” The New York Times, First Section (Sunday, November 22, 2020): 12.

(Note: ellipses added.)

(Note: the online version of the story has the date Nov. 18, 2020, and has the title “For California Governor the Coronavirus Message Is Do as I Say, Not as I Dine.” The online version says that the title of the New York print version was “California Governor Calls” and appeared on Thursday, Nov. 19, 2020. The title of my National print version was “Officials’ Lavish Meal Out Spurs Outrage Among Californians” and appeared on Sunday, November 22, 2020.)

“Exhilaration and Loneliness of Pioneering Thought”

(p. A15) In “The Riddle of the Rosetta: How an English Polymath and a French Polyglot Discovered the Meaning of Egyptian Hieroglyphs,” Jed Z. Buchwald and Diane Greco Josefowicz recount Thomas Young’s and Jean-François Champollion’s competing efforts toward decipherment.

. . .

The authors are chiefly concerned with Young’s and Champollion’s approaches to the hieroglyphic riddle. Rarely have I seen the false starts and blind alleys, firm beliefs and 180-degree recalibrations, exhilaration and loneliness of pioneering thought captured so well. On the other hand, not every reader will match Champollion’s stamina or persevere through the book’s densest thickets. Dramatic touches are few. Champollion probably didn’t, as commonly reported, faint at the moment of his triumph. And Young was no swashbuckler. Indiana Jones hates snakes. Young hated idioms.

If “The Riddle of the Rosetta” won’t be coming to screens anytime soon, its achievement is no less admirable. For nearly 500 pages we are invited to inhabit the minds of two of history’s finest linguists.

For the full review, see:

Maxwell Carter. “BOOKSHELF; Found In Translation.” The Wall Street Journal (Friday, September 18, 2020): A15.

(Note: ellipsis added.)

(Note: the online version of the review has the date Sep. 17, 2020, and has the title “BOOKSHELF; ‘The Riddle of the Rosetta’ Review: Found in Translation.”)

The book under review is:

Buchwald, Jed Z., and Diane Greco Josefowicz. The Riddle of the Rosetta: How an English Polymath and a French Polyglot Discovered the Meaning of Egyptian Hieroglyphs. Princeton, NJ: Princeton University Press, 2020.

Censored Chinese Liberals Admire Trump’s “No-Filter Approach to Free Speech”

(p. A27) People like the Hong Kong-based media tycoon Jimmy Lai think a return of the Washington consensus would be a mistake. A fervent supporter of the pro-democracy movement in Hong Kong, Mr. Lai is also a staunch Trump supporter.

“Biden will try to make progress through trade-offs, but that hasn’t worked in the past,” Mr. Lai told me by phone recently. “Trump has succeeded by playing hardball.”

Mr. Lai pointed out, for example, that Mr. Trump had dramatically increased weapons sales to Taiwan, a self-governing island off China’s coast that China claims as its own, a move that could help deter an attack from the mainland. Past U.S. administrations had tiptoed around weapons sales for fear of angering Beijing, arguably weakening Taiwan’s defenses in the process.

Yet these diplomatic issues are secondary to what really interests many Chinese liberal intellectuals: the American culture wars, in which some see a reflection of the debates about the limits of free speech in China. Given how robust public discussion is in the United States, the comparison may seem overdrawn. But it speaks to the intensity with which many Chinese thinkers want Western liberal democracies to remain free.

The issue of political correctness in particular fascinates them, with many seeing in it uncomfortable echoes of their own experiences in a society where speech is severely constrained. They perceive Mr. Trump as embodying the sort of no-filter approach to free speech that they dream of, while viewing American liberalism as having strayed from its core values.

For the full commentary, see:

Ian Johnson. “Why Chinese Liberals Like Trump.” The New York Times (Friday, November 20, 2020): A27.

(Note: the online version of the commentary has the date Nov. 18, 2020, and has the title “Why Do Chinese Liberals Embrace American Conservatives?”)

In Primary Debates, Biden and Harris Led Democratic Presidential Candidates in Use of “Filler Phrases”

(p. A6) Here’s the deal: Presidential candidates issue plenty of pointed barbs in debates, but they use a lot of filler language, too.

Phrases such as “let’s be clear” and “the end of the day,” buy the speaker time to collect themselves, think ahead and formulate an answer. Among the Democratic contenders, the fact is, Vice President Joe Biden utters them most frequently (and “the fact is” has been his most-used phrase).

The Wall Street Journal identified 23 commonly used three-, four- and five-word phrases and their variations spoken by candidates during the four Democratic presidential debates and tracked the number of times they were said.

Mr. Biden used almost six filler phrases for every 1,000 words he spoke, the highest rate among the Democrats still running and far above their average of 2.6.

Asked about the findings, Biden spokesman TJ Ducklo said, “The fact of the matter is that poll after poll has shown that Joe Biden is the candidate who will defeat” President Trump.

. . .

After Mr. Biden, who racked up 77 instances of the phrases in the debates, the next highest totals belonged to Sens. Kamala Harris and Bernie Sanders.

For the full story, see:

Lindsay Huth and Lakshmi Ketineni. “The Fact Is, Candidates Use a lot of Filler Phrases.” The Wall Street Journal (Wednesday, November 20, 2019): A6.

(Note: ellipsis added.)

(Note: the online version of the story has the same date as the print version, and has the title “The Fact Is, Democratic Candidates Use a lot of Filler Phrases.”)

Tariffs Create Incentive to Drink Higher Alcohol Wine

(p. A1) Washington put 25% tariffs on wine from France, Spain, Germany and the U.K. in October 2019 in retaliation for subsidies they made to European aircraft man-(p. A9)ufacturer Airbus SE, arguing they hurt Boeing Co. But it applied only to wine with alcohol content of 14% or less.

What followed was a textbook lesson in tariff economics. Before, America imported about $150 million a year in European wine that exceeded 14% alcohol, Commerce Department data show. In the 12 months since the tariff took effect, that rose to $434 million.

For the full story, see:

Josh Zumbrun. “America Taxed Your Favorite Bordeaux? Try One With More Alcohol.” The Wall Street Journal (Friday, Nov 20, 2020): A1 & A9.

(Note: the online version of the story has the date November 19, 2020, and has the title “The Tale Behind StubHub’s Sale: How Eric Baker Bought Back the Ticket Seller.”)

Venture Capitalists Can Be Easy to Fool

I admire much about Peter Thiel, but was stunned to read in his Zero to One (p. 160) that he only invests venture capital money in start-ups whose founding supplicant is wearing a t-shirt. The review quoted below confirms that other venture capitalists also use dubious criteria to evaluate entrepreneurs.

(p. C4) Neumann’s innovation with WeWork was to repurpose office space for freelancers worldwide — rebranding precarity into community.

. . .

. . . Neumann seemed to believe that the pesky demands of having to turn a profit didn’t quite apply to him, even as he was determined to live the ostentatious life of a bohemian tycoon.

. . .

WeWork pulled the classic new-economy maneuver of hiring idealistic young people, deploying them to the point of exhaustion and paying them peanuts while telling them that they were part of a revolution — what Neumann called “the ‘We’ decade.” Eventually, WeWork offered stock options, though Neumann would be the one to cash out hundreds of millions in stock in order to fund an escalating lifestyle that had grown to include five children, several houses, a penchant for $200 T-shirts and lots of pot.

. . .

“Billion Dollar Loser” would be absorbing enough were it just about one man’s grandiosity, but Wiedeman has a larger argument to make about what Neumann represents. Neumann finagled funding not only from SoftBank, the Japanese conglomerate led by the billionaire-entrepreneur Masayoshi Son, who liked to say that “feeling is more important than numbers,” but also from the venerable venture capital firm Benchmark. Neumann had passed himself off as a tech visionary, even though he rarely used a computer and WeWork’s IT department was once run by a high school student from Queens.

For the full review, see:

Jennifer Szalai. “Big Dreams, and a Harsh Awakening.” The New York Times (Thursday, October 22, 2020): C4.

(Note: ellipses added.)

(Note: the online version of the review has the date Oct. 21, 2020, and has the title “‘Billion Dollar Loser’ Recounts WeWork’s Big Dreams and Its Harsh Wake-Up Call.”)

The book under review is:

Wiedeman, Reeves. Billion Dollar Loser: The Epic Rise and Spectacular Fall of Adam Neumann and WeWork. New York: Little, Brown and Company, 2020.

“The Founding Principles Have Been Lost”

(p. B1) The president has some bones to pick with the American media: about our “bias,” our obsession with racism, our views on terrorism, our reluctance to express solidarity, even for a moment, with his embattled republic.

So President Emmanuel Macron of France called me on Thursday afternoon from his gilded office in the Élysée Palace to drive home a complaint. He argued that the Anglo-American press, as it’s often referred to in his country, has blamed France instead of those who committed a spate of murderous terrorist attacks that began with the beheading on Oct. 16 of a teacher, Samuel Paty, who, in a lesson on free speech, had shown his class cartoons from the satirical magazine Charlie Hebdo mocking the Prophet Muhammad.

“When France was attacked five years ago, every nation in the world supported us,” President Macron said, recalling Nov. 13, 2015, when 130 people were killed in coordinated attacks at a concert hall, outside a soccer stadium and in cafes in and around Paris.

“So when I see, in that context, several newspapers which I believe are from countries that share our values — journalists who write in a country that is the heir to the Enlightenment and the French Revolution — when I see them legitimizing this violence, and saying that the heart of the problem is that France is racist and Islamophobic, then I say the founding principles have been lost.”

For the full commentary, see:

Ben Smith. “(French) President Faults The (American) Press.” The New York Times (Monday, November 16, 2020): B1 & B4.

(Note: the online version of the commentary has the date Nov. 15, 2020, and has the title “The President vs. the American Media.”)

Many Start-Ups Compete to Make and Sell Chocolates

(p. D10) In India, few foreign confections have been more eagerly embraced than chocolate — and no brand defines this affinity more than Cadbury.

. . .

This brand loyalty endures even among members of the Indian diaspora, like Rajani Konkipudi, 47, who grew up in Visakhapatnam, in Andhra Pradesh, and now lives in the Detroit area.   . . .

In 2005, she visited Cadbury’s factory in Birmingham to make, as she called it, the “holy pilgrimage.”

A decade later, she is one of several smaller competitors seeking to challenge the dominance of Cadbury, and of milk chocolate in general, among Indians.

Ms. Konkipudi’s business, Dwaar Chocolate, in West Bloomfield Township, Mich., sells small-batch chocolate that is a far cry from her corporate rival’s. Her cacao beans come from family-run farms in Ecuador and India, and wind up in cardamom- and pistachio-speckled bars meant to mimic the taste of pistachio kulfi, or truffles inspired by paan, a crunchy, sharply flavored after-dinner snack in which she replaces betel nuts with cocoa nibs.

. . .

Growing up in Ahmedabad, Gujarat, Alak Vasa, who owns Elements Truffles in Union City, N.J., used to make frequent trips to the store with her grandfather to buy Cadbury chocolate. She founded Elements in 2015 with her husband, Kushal Choksi, seeking to emphasize the health benefits of dark chocolate and make sweets free of refined sugar, as a wholesome alternative to mass-market brands.

. . .

Madhu Chocolate, started by Elliott Curelop and Harshit Gupta in 2018 in Austin, Texas, has adopted a similar strategy; its most popular offering is a masala chai dark-chocolate bar whose mild sweetness is tempered with heady ginger and clove. “When we talk about masala chai, people are like, ‘This is how my mom makes chai,’” Mr. Gupta said.

. . .

The wide consumption of dried fruits and nuts in India — as well as the cult popularity of Cadbury’s fruit-and-nut bar — informs Zeinorin Stephen’s offerings at Hill Wild, a chocolate company she founded in 2017 with her husband, Leiyolan Vashum, in Ukhrul, Manipur. She channels those flavors by incorporating locally harvested sesame and perilla seeds, plum and wild apple in her bars.

. . .

Surbhi Sahni, 45, who owns Tagmo Treats, in Yonkers, N.Y., draws a similarly young, savvy crowd for her chocolate-coated besan ladoos and kaju katli. About 40 to 50 percent of her annual sales occur during Diwali.

. . .

In India, Hill Wild and Kocoatrait have been joined by a growing number of independent chocolate businesses, including Soklet and Mason & Company, that offer dark chocolate and heavily tout their sustainable-farming methods.

For the full story, see:

Priya Krishna. “Was There Ever a Battle So Sweet?” The New York Times (Wednesday, November 11, 2020): D10.

(Note: ellipses added.)

(Note: the online version of the story was updated Nov. 17, 2020, and has the title “Indians Love Cadbury Chocolate. These Rivals Would Love to Woo Them Away.”)

Dictator Rawlings Transformed Ghana from Dictatorship to Democracy

I heard a plausible plenary lecture a few years ago at an APEE meeting where the African speaker argued that African autocrats would never voluntarily give up power, because doing so would mean they would trade personal riches for personal poverty. It was a sad but plausible argument, though one that makes Jerry Rawlings’s life especially intriguing.

(p. A22) Jerry Rawlings, a former Ghanaian Air Force officer who led two military coups before steering his country toward democracy with an authoritarian hand, died on Thursday in the nation’s capital, Accra.

. . .

By the time he left office voluntarily 22 years later, he had served two presidential terms brought about by free elections and had established Ghana as a rare democratic example on the continent. Today, peaceful handovers of power are routine in the country, hardly the case with the country’s neighbors.

Mr. Rawlings’ contradictory legacy — brutal beginnings, uncompromising military rule, then free elections — underscores the difficult path to democratic governance still faced by many African nations. But in Ghana at least, where Mr. Rawlings is regarded as something of a founding father after the country’s difficult first steps, democracy is an assumption.

Given Ghana’s first experiences of him, that outcome would not have been predicted. He appeared at first to have all the makings of one of the continent’s classic military autocrats.

For the full obituary, see:

Adam Nossiter. “Jerry Rawlings, Strongman Turned Statesman Who Steered Ghana to Democracy, Dies at 73.” The New York Times (Friday, November 13, 2020): A22.

(Note: ellipsis added.)

(Note: the online version of the obituary has the date Nov. 12, 2020, and has the title “Jerry Rawlings, From Coup-Plotter to Ghanaian Statesman, Dies at 73.”)

“The Often-Unsung Adaptability of Organic Intelligence”

(p. A13) . . ., as the journalist Jonathan Waldman chronicles in “SAM,” the quest for a bricklaying robot has been bumpier than the work of a mason with vertigo.

. . .

Several themes run through the book. First is the often-unsung adaptability of organic intelligence.

. . .

The minute adjustments a human makes when manipulating objects, especially in messy environments like construction sites, result from billions of years of evolution. We make it look easy, until you give instructions to a robot and watch it fumble around or freeze up when it gets a little dirt on its face. Yann LeCun, Facebook’s chief A.I. scientist, once told me, “I would declare victory if in my professional lifetime we could make machines that are as intelligent as a rat.”

Mr. Peters has laudable motivations. “By creating a bricklaying robot,” Mr. Waldman writes, “he aimed to eliminate lifting and bending and repetitive-motion injuries in humans; to improve the quality of walls; to finish jobs faster and safer and cheaper; and to ease project scheduling and estimation. Basically: to modernize the world’s second oldest and most primitive trade.”

. . .

Within this physically and culturally harsh environment, Construction Robotics had to invent and reinvent their business model on the fly. Should they license their innovations? Sell the robots? Rent them? Provide robots and technicians as a service? Create a full-service masonry shop? Pivot from bricks to cement blocks? Take money from venture capitalists, court Google or a Dubai investment fund? Mr. Peters follows the philosophy of the book “The Lean Startup” and aims for an MVP—minimum viable product—to gain exposure and experience, knowing the risks in the construction industry. Word of a robot that builds crummy walls will travel fast, and demolished reputations are hard to rebuild.

The business finally finds its footing in the epilogue, around 2018. Construction Robotics gets SAM to lay more than 3,000 bricks a day (versus 300 to 1,000 for a human mason), and they create another machine that helps workers lift and place concrete blocks, quickly selling dozens. The company now looks to be solvent, though it’s unclear how much the construction landscape is poised to change.

For the full review, see:

Hutson, Matthew. “BOOKSHELF; Building a Better Bricklayer.” The Wall Street Journal (Tuesday, Jan 14, 2020): A13.

(Note: ellipses added.)

(Note: the online version of the review has the date January 13, 2020, and has the title “BOOKSHELF; ‘SAM’ Review: Building a Better Bricklayer.”)

The book under review is:

Waldman, Jonathan. SAM: One Robot, a Dozen Engineers, and the Race to Revolutionize the Way We Build. New York: Simon & Schuster, 2020.