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The term emerging markets is commonly used to describe business and market activity in industrializing or emerging regions of the world. Originally brought into fashion in the 1980s by then World Bank economist Antoine van Agtmael, the term is sometimes loosely used as a replacement for emerging economies, but really signifies a business phenomenon that is not fully described by or constrained to geography or economic strength; such countries are considered to be in a transitional phase between developing and developed status. Examples of emerging markets include China, India, much of Southeast Asia, countries in Eastern Europe, and parts of Africa and Latin America. Emphasizing the fluid nature of the category, political scientist Ian Bremmer defines an emerging market as "a country where politics matters at least as much as economics to the markets." The research on emerging markets is diffused within management literature. While researchers including C. K. Prahalad, Hernando De Soto, and several professors from Harvard Business School and Yale School of Management have described activity in countries such as India and China, how a market emerges is little understood. It appears that emerging markets lie at the intersection of non-traditional user behavior, the rise of new user groups and community adoption of products and services, and innovations in product technologies and platforms. The term "rapidly developing economies" is now being used to denote emerging markets such as The United Arab Emirates, Chile and Malaysia that are undergoing rapid growth. In recent years, a new term has emerged to describe the largest developing countries called BRIC (for Brazil, Russia, India and China). These countries do not share any common agenda, but some experts believe that they are enjoying an increasing role in the world economy and on political platforms.
List of countries The list tracked by The Economist is the same, except with Hong Kong, Singapore and Saudi Arabia included (MSCI classifies the first two as Developed Markets) -- and Jordan omitted. | ||||||||
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