Twenty-five years ago, bipartisan American consensus about China was built on hope, spin and money. Despite the trauma of Tiananmen Square and caution about China’s true economic intentions, many believed in the potential of capitalist principles to move the Chinese Communist Party into a more open, less aggressive posture. Henry Kissinger wrote books about it; pundits and think-tank scholars gave speeches about it; Republicans and Democrats alike parroted the line well into the twenty-first century.