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Health and Land Transport Agency (ATT) staff in Madagascar check passenger lists at Andohatapenaka Bus Station on April 9, 2020.

The Curse of Falling Expectations

When a society goes from broadly shared growth to a state of malaise or decline, the ensuing pain is not just economic but psychological. Now that tens of millions of people in developing countries are suffering precisely such a reversal of fortune, the political fallout is sure to be tumultuous.