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Following 15 years of hype, a new conventional wisdom has taken hold: Emerging markets are in deep trouble.The real lesson from the collapse of the emerging-market hype is the need to pay closer attention to growth fundamentals and to recognize the diversity of circumstances among a group of economies needlessly lumped together.For developing economies, the three key growth fundamentals are acquisition of skills and education by the workforce; improvement of institutions and governance; and structural transformation from low-productivity to high-productivity activities (as typified by industrialization). East Asian-style rapid growth has typically required a heavy dose of structural transformation for a number of decades, with steady progress on education and institutions providing the longer-term underpinnings of convergence with advanced economies.Unlike East Asian economies, today's emerging markets cannot rely on export surpluses in manufactures as their engine of structural transformation and growth. Or compare Brazil with other emerging markets.
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