It is that the main determinants of an emerging-economy’s ability actually to emerge, sustainably, are politics, policy and all that is meant by the institutions of governance. More precisely, although countries can ride waves of growth and exploit commodity cycles despite having dysfunctional political institutions, the real test comes when times turn less favorable and a country needs to change course.
之所以并非如此，其原因与如此多的新兴经济体现在陷入了麻烦的原因相同。这一原因是，新兴经济体的实际持续兴起的主要决定因素是政治、政策和由治理制度决定的一切。