Something is going a bit wrong in China. It is hard to put a finger on what exactly has gone awry. Just like a clown’s car in a circus act, so many parts of China’s command economy are starting to fall apart, spectacularly. If China doesn’t handle matters carefully, Krusty could find himself riding out of the Big Top on a depleted chassis. Many, it must be said, were always sceptical of China’s claim of socialism with Chinese characteristics. But it was Jack Ma who dared to openly criticise the system. He took aim at Chinese banks by saying that they move with a pawn-shop mentality. He also said it is not possible to use railway-station management to regulate commercial airports. His outspokenness has not gone unpunished. Jack Ma, Alibaba, and even his brainchild, Ant Financial, have been summarily disciplined. He is not alone. Tencent, Baidu, ride-hailing outfit, Didi Chuxing, and food-delivery company,...