The U.S. is betting that a rich PRC will be democratic. Beijing disagrees. Two bets are on the table. One has been placed by the Washington establishment, the other by the Chinese Communist Party. Analyzing China’s prospects in terms of fashionable globalist ideology, Washington is betting that a rich China will be a free one. The theory is that the only way China can continue to grow is by embracing Western democracy and capitalism. Moreover, the very process of China’s enrichment is supposedly undermining the Beijing government’s authoritarianism. More wealth means more freedom means more wealth. Here is how President...