South Africa: The Failed State Risk

It seems like only a matter of time before a major emerging market becomes a failed state. Emerging markets are all suffering from the commodity drought, their currencies have been slaughtered, a few are already in recession, but there hasn’t been a total breakdown involving chaos, destruction or violent regime change in any country. You could argue that Venezuela is a failed state, but it was an isolated country to begin with and has little connection to Western economies.