The Emerging Markets Century Revisited
Published: 2009
Author(s) Name: Antoine van Agtmael
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Abstract
The era of emerging markets companies
being nothing more than unsophisticated
makers of low-cost, low-tech products is
rapidly coming to a close. It would be
naïve to dismiss them for deriving their
competitive advantage “unfairly” from
“cheap labour.” The “global” financial
crisis turned out to be only “halfglobal”
because most emerging markets
went into the crisis with resilient
banking systems and prudent macropolicies.
The economic fall-out caused
global havoc but emerging markets were
“first-in-first-out” and are expected to
come out of the crisis with greater
respect and one-third of the world’s
GNP. The greatest corporate victims of
the Great Recession were developedmarket
icons. Most of the 25 world-class
emerging multinationals are escaping
the crisis and are getting ready for a
post-crisis world in which the American
consumer is no longer king.
Keywords : Emerging markets, Global financial crisis
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