How Spending Sapped the Global Recovery

Ruchir Sharma: How Spending Sapped the Global Recovery - WSJ:
"Before anyone rushes to spend, however, it is worth noting that the big emerging nations—China, Russia and Brazil—have just tried a full-throttle experiment in stimulus spending, and it failed. 
The average growth rate for emerging economies excluding China has fallen to 2.5% today, from more than 7% at the height of the spending campaign.
The growth rate is the lowest in four decades, outside of a global recession.
For leaders in these countries, stimulus is now a bad word.
Their experiment began in late 2008.
As it became clear that falling Western demand was going to undermine growth in emerging economies, the leaders of these nations turned to the ideas of John Maynard Keynes, the Englishman who beginning in the 1930s advised governments to fight recessions with heavy government spending to make up for slumping consumer spending."