A YEAR ago, Ian Bremmer was invited to the Chinese Consulate in New York, along with a group of economists and scholars, to discuss the financial crisis. Shortly after he arrived, Mr. Bremmer, a political risk consultant who has been widely published, was surprised to hear a Chinese diplomat ask them, "Now that the free market has failed, what do you think is the proper role for the state in the economy?"

Mr. Bremmer recounts this tale in the introduction of "The End of the Free Market: Who Wins the War Between States and Corporations?" ...

The way he sees it, China and Russia are using what he calls "state capitalism" to advance the interests of their companies at the expense of their American rivals. But that is not the only battle he describes in his book. The other is the struggle for the hearts and minds of emerging-market giants like Brazil and India that are leaning toward the free market, but still haven't fully embraced it.

... he argues that the United States needs to stand shoulder to shoulder with its capitalist allies in Europe against the threat he sees. He doesn't deny that there are differences between American capitalism and the Scandinavian variety, to say nothing of the French, which the American right never tires of bashing. Yet he argues that the United States and Europe share a core assumption that the private sector, not government, should be a primary engine of growth.

The same cannot be said of the practitioners of state capitalism. ...