Turning the clock back to 2003

By playwright Arthur Miller’s yardstick: “An era can be said to end when its basic illusions are exhausted”. With much of the blockbuster economic growth of the past few years now appearing like a liquidity mirage, the curtains have indeed come down on an era.

This is a particularly painful realisation for the developing world. While the problems with the US economy have been well-telegraphed for long, the widely held view till as recently as mid-September was that the emerging market growth story was largely intact and that the most these countries had to fear was some contagion from a housing-led US recession. But now it’s becoming increasingly apparent that a global credit bubble also fuelled the exceptional growth rates in emerging markets for much of this decade.

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