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The US is starting to resemble an emerging market—and not in a good way

Political chaos could come to undermine America’s economic strength

By George Magnus  

Photo: Matt Cardy/PA Wire/PA Images

I referred somewhat flippantly in a recent column here to America becoming an emerging market. 

You might say correctly that the world’s largest economy is in a different league. I meant it differently, though, and not, of course, as a compliment. For along with things that investment managers assure us of, including high economic growth and better prospective investment returns, emerging markets also present higher risks. These normally boil down to some combination of a dysfunctional political system and weak standards of economic governance.

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