Developing markets, historically the domain of hyperinflation and political manipulation, now enjoy high surpluses, thanks to record commodity prices and severe fiscal discipline. Since 2001 these economies have achieved three times the average annual per-capita economic growth of their developed counterparts and now represent a quarter of global output. Stocks in emerging markets are causing much excitement among investors. However, too much excitement invites peril. Emerging markets have undeniably changed in the past decade, but lately they are looking overgrown, and even a minor crisis could send them tumbling. And while the potential triggers for a fall have changed, they are still there. As economies in the developing world get stronger, governments are getting more assertive and meddling with both companies and neighbouring countries, increasing political risk.