Jack Ma once described online shopping as a dessert in the United States, but the main course in China. That’s one of a set of key differences between developed-economy e-commerce and that of China, differences that escorted eBay out the Chinese door and kept Amazon as a minor player here, while the Alibaba Group has become the world’s largest retailer, the company with the largest IPO ever (US$25 billion in September 2014, though NTT DoCoMo’s 1998 IPO of $18.1 billion is about the same in current US dollar terms) and the nexus of around two-thirds of all parcels delivered in China. Writing for Harvard’s Working Knowledge in May 2014, Professors William Kirby and F Warren McFarlan assert that Alibaba “has done more for China’s small- and medium-sized enterprises than any government policy, ministry, or bank.”