tom: michael spence, -- shock.spence, the major shock, we will get to china, is the idea of how this -- the turmoil, the populism we see in eastern europe and what we see in turkey as well, pulled that over to china. michael: in my view, china is a big, complicated place, but a different story. tom: ok. michael: china is, you know, on a reform process in some dimensions, on an increasing control process in other dimensions. the reform momentum has not been lost. they have not abandoned the fundamentals of a sound growth model at their stage of growth. the dynamism at the microeconomic level is really, truly impressive. so i think if you are giving them grades, they would get a higher grade than some of the ones turning away. tom: dynamism is the keyword. professor spence, a school to the north, called columbia. michael spence from new york university and kit juckes with us as well. we have so much to talk about. michael kremer joining us later. we will look at bank earnings at 6:00. francine and i are thrilled. he