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Gregory Fairchild introduces readers to the rising set of entrepreneurs whose efforts to reach marginalized groups are reshaping the emerging markets of the United States. He explores how minority-owned and community-development institutions are achieving innovations in financial services to further economic development and reduce inequality.
In 1963, John F. Kennedy said that "a rising tide lifts all the boats. And a partnership, by definition, serves both parties, without domination or unfair advantage." US international economic policy since World War II has been based on the premise that foreign economic growth is in America's economic, as well as political and security, self-interest. The bursting of the speculative dot.com bubble, slowing US growth, and the global financial crisis and its aftermath, however, have led to radical changes in Americans' perceptions of the benefits of global trade. Many Americans believe that trade with emerging-market economies is the most important reason for US job loss, especially in manufacturing, and is detrimental to American welfare and an important source of wage inequality. Several prominent economists have reinforced these public concerns. In this study, Lawrence Edwards and Robert Z. Lawrence confront these fears through an extensive survey of the empirical literature and in depth analyses of the evidence. Their conclusions contradict several popular theories about the negative impact of US trade with developing countries. They find considerable evidence that while adjusting to foreign economic growth does present America with challenges, growth in emerging-market economies is in America's economic interest. It is hard, of course, for Americans to become used to a world in which the preponderance of economic activity is located in Asia. But one of America's great strengths is its adaptability. And if it does adapt, the American economy can be buoyed by that rising tide.
This book systematically analyzes the economic dynamics of large emerging economies from an extended Comparative Capitalisms perspective. Coining the phrase ‘state-permeated capitalism’, the authors shift the focus of research from economic policy alone, towards the real world of corporate and state behaviour. On the basis of four empirical case studies (Brazil, India, China, South Africa), the main drivers for robust economic growth in these countries from the 2000s until the 2010s are revealed. These are found, in particular, in mutual institutional compatibilities of ‘state-permeated capitalism’, in their large domestic markets, and beneficial global economic constellations. Differences in their institutional arrangements are explored to explain why China and India have been more economically successful than Brazil and South Africa. The authors highlight substantial challenges for the stability of state-permeated capitalism and assess the potential future growth, sustainability and likely pitfalls for these large emerging economies. Opening further avenues for empirical and theoretical research, this book raises questions for the future of the global economic order and should appeal to academics, graduate students and advanced undergraduates in politics, economics, economic sociology and development studies. It should also prove a worthwhile and provocative read for development practitioners and policy-makers.
This book provides a comprehensive investigation of the messy and crisis-ridden relationship between the operations of capitalist finance, global capital flows, and state power in emerging markets. The politics, drivers of emergence, and diversity of these myriad forms of state power are explored in light of the positionality of emerging markets within the network of space and power relations that characterises contemporary global finance. The book develops a multi-disciplinary perspective and combines insights from Marxist political economy, post-Keynesian economics, economic geography, and postcolonial and feminist International Political Economy. Alami comprehensively reviews the theories, histories, and geographies of cross-border finance management, and develops a conceptual framework which allows unpacking the complex entanglement of constraint and opportunities, of growing integration and tight discipline, that cross-border finance represents for emerging markets. Extensive fieldwork research provides an in-depth comparative critical interrogation of the policies and regulations deployed in Brazil and South Africa. This volume will be especially useful to those researching and working in the areas of international political economy, contemporary geographies of money and finance, and critical development studies. It should also prove of interest to policy makers, practitioners, and activists concerned with the relation between finance and development in emerging markets and beyond.
This volume presents current developments in the field of finance from an emerging markets perspective. Featuring most of the contributions presented at the second International Conference on Economics and Finance (ICEF-2020), Goa, India, this volume serves as a valuable forum for discussing financial performance and well-being, economic policy uncertainty, efficiency of commodity markets and various recent trends in the banking and financial sector. It provides an analysis of the current state of the financial sector and proposes solutions to challenging topics including bankruptcy, audit quality and liquidity crises. Popular topics such as cryptocurrency, stock market volatility and board governance are also covered.
Emerging markets are big news. But after the financial crisis, what does the future really hold for them? And what does this future mean for global business? George Magnus, one of the world's most respected economic analysts, is your guide through the challenges and opportunities for emerging markets and those doing business in them. This magisterial book looks in detail at China and India – the big players – and also less hyped but crucial markets, including Eastern European countries and Turkey. Magnus takes in his sweep everything from commodity prices to climate change, and from comparative advantage to demographic to provide a compelling analysis of what the future might look like – not just for emerging markets, but for investors, businesses and economies everywhere. Uprising is a must-read for anyone who cares about the future of the global economy.
Cracking the Emerging Markets Enigma outlines a rigorous, comprehensive, and practical framework for evaluating the opportunities and, more importantly, the risks of investing in emerging markets. Built on a foundation of sound research on foreign direct and portfolio capital flows, Andrew Karolyi's proposed system of evaluation incorporates multiple dimensions of the potential risks faced by prospective investors in an empirically coherent framework.
This book analyses key elements of the trade performance of the so-called BRIICS: Brazil, Russia, India, Indonesia, China and South Africa, in relation to the rest of the world, focusing on trade and other policies influencing that performance. It also presents a separate chapter for each country.
The rise of multinational corporations (MNCs) from emerging markets has been a major development during the last decade. An important feature of emerging market MNCs is their close relationship with home states. The book investigates this special kind of relationship and explores how it affects the cross-border activities of these corporations.
The best way to select emerging markets to exploit is to evaluate their size or growth potential, right? Not according to Krishna Palepu and Tarun Khanna. In Winning in Emerging Markets, these leading scholars on the subject present a decidedly different framework for making this crucial choice. The authors argue that the primary exploitable characteristic of emerging markets is the lack of institutions (credit-card systems, intellectual-property adjudication, data research firms) that facilitate efficient business operations. While such "institutional voids" present challenges, they also provide major opportunities-for multinationals and local contenders. Palepu and Khanna provide a playbook for assessing emerging markets' potential and for crafting strategies for succeeding in those markets. They explain how to: · Spot institutional voids in developing economies, including in product, labor, and capital markets, as well as social and political systems · Identify opportunities to fill those voids; for example, by building or improving market institutions yourself · Exploit those opportunities through a rigorous five-phase process, including studying the market over time and acquiring new capabilities Packed with vivid examples and practical toolkits, Winning in Emerging Markets is a crucial resource for any company seeking to define and execute business strategy in developing economies.