Sarah Lacy

A lot of Americans desperately want to believe that China is full of poor people who can't innovate, and the only goods they make are cheap, toxic rip-offs our Western brands. They want to believe the only reason the Chinese economy is surging is because the West wants cheap goods and China knows how to make them that way.

Well, there's no question that the law passed in 1996 was flawed. It deregulated the wholesale market, meaning the price that the utilities had to pay energy companies for power, but not the retail market.