countries where you tend to see this in countries with weaker institutions, where there's more patronage and currying favor through the political system to interest groups in order to get reelected. This isn't something that I feel like we've seen to this degree. Of course, we've seen it to various degrees in the United States, but it seems like it's more true today and that the gloves are off in a way that it wasn't the case before. And I'm curious in your answer if you can incorporate some reflection on that. And to what degree does this actually align with this larger framework that you have, which is that in order to understand the U.S. economy and financial markets today, it helps to understand emerging markets because a lot of what we've seen in EM we're seeing now in developing countries. 100%. Actually, that's where I was going because with shrub sort of conceptualization of political expediency driving so many decisions. And I suppose on some level, in the term political (35/57)
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