Introduction: Emerging Markets and the New International Economy

The dawn of new the millennium heralded a new era where emerging markets assert themselves as the new driving force of the world economy. An era where the United States still maintains its leading economic and military position in the world while Europe’s economic power—a legacy of its imperial past and leading role in the industrial revolution—gradually wanes. The axes of the world economy are changing in irreversible ways. Year by year, developed economies account for a lower proportion of the wealth, consumption, investment, trade, and technology generated in the world. The rise of emerging markets—their emergence after more than 200 years of being relatively minor players in ...

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