The Story Behind the Emerging-Market Meltdown

In a word, China.

A window onto China's woes.

Photographer: Stephen Shaver/AFP/Getty Images

If you invest, you may have noticed that emerging-market stocks have done badly of late. The MSCI Emerging Markets Index, which did so well in the early 2000s, has been almost unchanged since the global financial crisis. Since this spring, though, the index has tanked:

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