The New York Times Sunday Review

Editorial Illustration for The New York Times Sunday Review.

“When economic and political conditions in a country deteriorate, and people start shipping money to safer havens abroad, blame typically falls on rich and rootless foreigners, particularly hedge funds and other giants of global finance. My research shows the opposite: wealthy locals have better intelligence on domestic conditions and are, in most cases, the first out of the door during bouts of capital flight. Foreigners are mere followers.”

Text by Ruchir Sharma