Is the Chinese dream replacing the American dream?

For much of the 20th century, the “American dream” was perhaps the most successful export in human history. It reached far beyond American borders.

Millions of people around the world, including generations of Chinese families, believed in its promise. Study hard. Work hard.

Build a career. Buy a home. Raise a family. Create a better life than the previous generation. The dream was never about becoming rich.

It was about becoming comfortably middle class. For decades, that vision helped define...