12/07/2018

The Education Of Huawei

Editorial Board, The Wall Street Journal

Another day, another China drama in world markets. Thursday’s jolt was news that Huawei CFO Meng Wanzhou was arrested in Vancouver at the request of U.S. officials for allegedly violating Iran sanctions. The press corps is focusing on the arrest’s timing amid new trade talks. But the arrest is best understood as an attempt to get Beijing to stop abusing global trade norms.

Huawei is the world’s largest telecom equipment manufacturer and second biggest supplier of handsets. Ms. Meng is the daughter of Huawei founder Ren Zhengfei and has helped to steer its colossal growth. Her arrest occurs amid heightened worries about the Chinese telecom giant’s cyber threat.

The concerns go back at least to 2012 when the House Intelligence Committee warned that Huawei and its smaller competitor ZTE were violating U.S. laws and could be used for spying and theft. Huawei “likely remains dependent on the Chinese government for support” and the Chinese Communist Party maintains a “Party Committee within the company,” said the committee report that also implied Huawei wasn’t complying with Iran sanctions. [Subscription.]

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In Search Of History

4,000 Years Of Price Control

Tablets, said to be 200 years older than the Babylonian Code of Hammurabi ... show that the ancient kingdom of Eshnunna had wage control and price control. The news ought not to have come as a surprise. For the code of Hammurabi itself (unearthed in 1902), which was promulgated earlier than 2000 B.C., fixed prices, wages, interest rates, and fees. This makes price control at least about 4,000 years old. ...

 

Ironically, it is those who now wish to return to this ancient totalitarian device who are fondest of calling themselves “progressives.” They are also fond of saying that those who believe in economic liberty “are living in the nineteenth century.” These controlists have yet to learn that they themselves are still living, as the discoveries in Babylonia attest, in the nineteenth century—B.C.!

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