Chapter 1

Understanding EmergingMarkets

Economy and Culture

An Overview of Emerging Markets

As economic globalization has brought down trade and investment barriers and has connected far-reaching countries in an integrated global supply chain—and emerging markets seem to be converging with the world’s “rich industrial countries”—distinguishing these economies from developed markets may seem to matter less than before.

Well, we disagree. One fundamental premise of this book is that businesses still need to distinguish emerging markets—collectively from developed markets and individually from each other. In addition, international business professionals need to understand the cultural aspects of each of these countries and regions, so that they ...

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