EMERGING MARKETS:EMERGING MARKETS:Which Planet Did They Which Planet Did They

Come From?Come From?

Third World Countries 1960’s

Developing Economies 1980’s

Emerging Markets2000’s

Economists’ thinking has evolved…

Transitioning Economies 1990’s

AIDTRADE

…So has been a shift in Public Policy…

SurvivalGrowth

…and a shift in Business Strategy

3

Emerging Markets (World Bank definition…)

Economies where per capita Gross National Income of less than $11,456

4

BRICs vs. G6(Goldman Sachs study 2003)

“How can we help you, Mr. Prime Minister?” Michael Dell

“Define Emerging Markets Now”

Commentary byVladimir Kvint /Forbes/Jan 2008

"We don't need help. We are not invalids. We don't have limited mental capacity.”

Russian Prime Minister Putin

GEOCENTRIC VIEW

HELIOCENTRIC HELIOCENTRIC VIEWVIEW

DEFINING LIFE

DATA IN THE HANDS OF CRICK & WATSON…

Implications for Emerging Markets Research

Growth… Chandler + Penrose + Dunning? Most of the EMNEs are small… A new ecology of firms?

Internationalization… Exploit/Build O advantage or Overcome LHome disadvantage?

Innovation… Spillover / Catching up (FDI/Development relationship) What is the role of Indigenous Entrepreneurship?

Organization & Management… Fully Integrated Company Fully Integrated Network?