In choosing to leave the EU, British voters decided that Brexit was the only way to preserve their national sovereignty. But in choosing to leave that club, they are experiencing the trade-offs inherent in modern sovereignty.
Sebastian Mallaby, the Paul A. Volcker senior fellow for international economics at CFR and a contributing columnist for the Washington Post, joins James M. Lindsay to discuss the collapsing currency valuations in places like Turkey, Argentina, and South Africa.
Turkish, Russian and Iranian leaders meet over the war in Syria, Sweden eyes populism amid new general elections, and President Trump’s tariffs could hit $200 billion dollars’ worth of Chinese imports.
Turkey has some similarities with the Asian crisis countries back in the 1990s, but also important differences. When emerging-market crisis typologies are updated to reflect the events of 2018, Turkey should enter into the pantheon on its own, not just as a sub-category of “Asian-style” crises.