Behind the slowdown of the growth rate is the necessary shift from an outdated model to a new sustainable one

Once again, all eyes are on emerging markets. Long the darlings of the global growth sweepstakes, they are being battered in early 2014. Perceptions of resilience have given way to fears of vulnerability.

The US Federal Reserve's tapering of its unprecedented liquidity injections has been an obvious and important trigger. Emerging economies that are overly dependent on global capital flows-particularly India, Indonesia, Brazil, South Africa, and Turkey-are finding it tougher to finance economic growth. But handwringing over China looms equally large. Long-standing concerns about the Chinese economy's dreaded "hard landing" have intensified.