Thirty years ago, China seemed hopelessly mired in poverty, Mexico triggered the Third World Debt Crisis, and Brazil boasted one of the world's highest rates of inflation. Since then, these and other developing countries have turned themselves around, while First World nations, battered by economic and fiscal crises, depend more than ever on sustained growth in emerging markets. In Turnaround, economist Peter Blair Henry argues that the secret to emerging countries' success is discipline, and shows that in much of the emerging world the policy pendulum now swings in the direction of prudence and self-control. Bold, rational, and forward-looking, Turnaround offers vital lessons for both developed and developing nations in search of stability and growth.