PRINCETON – Russia’s current crisis, particularly the collapse of the ruble, reveals the fragility not only of the Russian economy, but also of the existing international order and the foundations of contemporary thinking about economic and political sustainability. Indeed, Russia’s crisis was never supposed to happen – and its growing isolation gives it little stake in existing mechanisms of global governance.
After the Latin American debt crisis of the 1980s and the Asian financial crisis of 1997-98 (which also affected Russia), emerging economie...
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