Latest Issue

The emerging crisis in emerging markets

Troubles in Argentina and Turkey are the next stage in the fallout from the crash of 2008 

By Paul Wallace  

Turkish President Recep Tayyip Erdogan. Photo: Turkish Presidential Palace/Xinhua News Agency/PA Images

One reason why the financial crisis that came to a head a decade ago, with the collapse of Lehman Brothers, blindsided Wall Street and the City was that crises were not supposed to happen in advanced economies with sophisticated financial systems. Instead their preferred habitat was emerging markets, notably in Latin America in the early 1980s and Asia in the late 1990s.

Now another crisis is taking hold in that more familiar domain. The emerging markets most afflicted up…

Register today to continue reading

You’ve hit your limit of three articles in the last 30 days. To get seven more, simply enter your email address below.

You’ll also receive our free e-book Prospect’s Top Thinkers 2020 and our newsletter with the best new writing on politics, economics, literature and the arts.

Prospect may process your personal information for our legitimate business purposes, to provide you with newsletters, subscription offers and other relevant information.

Click here to learn more about these purposes and how we use your data. You will be able to opt-out of further contact on the next page and in all our communications.

This site is protected by reCAPTCHA and the Google Privacy Policy and Terms of Service apply.

We want to hear what you think about this article. Submit a letter to

More From Prospect