Emerging economies: nature and dynamics

Yamoah, Fred and ul Haque, A. (2023) Emerging economies: nature and dynamics. In: Yamoah, Fred and ul Haque, A. (eds.) Corporate Management Ecosystem in Emerging Economies. Cham, Switzerland: Springer Nature Switzerland AG, pp. 15-24. ISBN 9783031415777.

Abstract

The concept of emerging countries or economies or markets dates to the early 1980’s but there is no universally agreed definition of an emerging country (Ithurbide and Bellaiche, 2019). Countries earmarked as emerging economies are key global players in the twenty-first century global economy. These emerging economies are characterised by increasing levels of economic growth driven by the adoption of liberalized economic policies that result in stable energy regimes and a continually improving economic imperatives and information communication technology systems. Indeed, Wright et al., (2005) did not only acknowledge the rapid changes taking place in emerging economies but also noted they are progressively playing increasingly prominent role in the world economy. The rise to prominence of emerging economies in the global economy is further substantiated by the amount of foreign direct investment (FDI) into these economies that hit a record value of 849 billion USD in 2002 (UNCTAD, 2003). Similarly, there has been upsurge in emerging economy related research including pioneering studies such as Hoskisson et al., (2000) work on ‘Strategy in emerging economies’; the insightful book on ‘Doing Business in Emerging Markets’ by Cavusgil et al., (2002); and the work on ‘Business Strategies in Transition Economies’ by Peng (2000) among others. The rise to global prominence of emerging economies has not accidental but a deliberate act of ‘planning’, ‘investments’, and ‘mobilization of human endowments of the respective countries (Cavusgil, (2021). The nature of emerging economies is characterised by obvious common features. However, the dynamics within emerging economies showcases distinctive differences with critical implications for corporate management ecosystem practice and research in emerging economies.

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