Until the past year, the consensus view on the world economy cast the West as a spent force, and ceded the future to the BRICs: Brazil, Russia, India and China. Then, following the eruption of protests from Brazil to Turkey in early summer, the flight of capital from emerging markets a few weeks later and a broad slowdown in the BRIC economies, the story shifted. Wall Street stopped using the BRICs to celebrate emerging markets and started referring to the BIITS, or the Fragile Five, to raise alarms about the vulnerability of emerging...
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