ABSTRACT
The share of emerging markets in global gross domestic product (GDP) has risen from 21 percent in 1999 to 36 percent in 2010. 2 Emerging societies are rising in trade, multinational firms, finance, international influence, and cultural presence (Marber 1998; Prestowitz 2005; Agtmael 2007; Nederveen Pieterse 2008a; Magnus 2010). This unfolds under various headings such as the rise of the second world, the “rise of the rest” and the BRIC (Brazil, Russia, India, China). The BRIC, “the only developing economies with GDPs of more than $1 trillion per year … have provided 45 percent of economic growth worldwide since the financial crisis began in 2007.” Together their foreign reserves are six times the assets of the International Monetary Fund (IMF). 3 Other categories are N-11 or the “next eleven nations” to emerge as major economies and systemically important countries (or BRIC plus Mexico, South Africa, Turkey, and South Korea). 4 Without a doubt these trends represent the “next big thing” in globalization and international development. Consider a sampling of recent headlines as writings on the wall: “Why Brands Now Rise in the East” “Consumption Starts to Shift to China, India and Brazil” “Developing Economies Lead the Way in 2010 Forecast, While Rich Nations Lag” “Developing Countries Underpin Boom in Advertising Spending” “Architecture Firms Go East for Work” “Bankers Sense Shift in Capital Flows” “Emerging Market Debt Is the New Safe Haven” “Emerging Economies Set to Play Leading Investment Role” “Benchmark Expert Watches Market Weight Shift Eastwards” “U.S. Cities Seek to Woo Chinese Investment” “Chinese Investment Keeps Greece, Iceland and Others A float” “The Deal Makers Who Matter Are Rising in the East” 5
