China Isn’t the First to Fumble a Stock Panic

The U.S. created its economic circuit breakers through trial and error.

Keep calm and carry on.

Photographer: ChinaFotoPress/Getty Images

The Chinese authorities’ seemingly capricious decision last week to trigger circuit breakers, and then to rapidly remove them, added to the chaos in the country’s stock exchanges and intensified unease about the world’s second-largest economy and its commitment to free markets.

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