Death by Finance


By Dani Rodrik – How quickly emerging markets’ fortunes have turned.

First, emerging-market hype is just that. Economic miracles rarely occur, and for good reason.

Governments that can intervene massively to restructure and diversify the economy, while preventing the state from becoming a mechanism of corruption and rent-seeking, are the exception.

Instead, emerging markets’ growth over the last two decades was based on a fortuitous (and temporary) set of external circumstances: high commodity prices, low interest rates, and seemingly endless buckets of foreign finance. more> http://tinyurl.com/qb23ydk

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