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When the current crisis began, there were some who painted it as simply a Western crisis; a crisis that was unique to Europe and America. The theory of a “decoupled” world economy was put forward, with the senile, crisis-ridden West on one side, and the dynamic and growing "BRICs" and "emerging" economies on the other. But now growth in the BRICs is slowing, emerging economies are facing their own crises, and this theory of decoupling is being seen for the myth that it always was.