Definitions of Emerging Economies in the Management Literature - Management Assignment Help

Assignment Task:

Task:

Understanding emerging economies

• One of first definitions of emerging economies in the management literature “low-income, rapid growth countries using economic liberalisation as their primary engine of growth” (Hoskisson, Eden, Lau, and Wright, 2000)

• Some common features of emerging economies - having undeveloped industrial base and infrastructure, and institutional void - experiencing rapid economic growth from pro-market reforms 4 3 4 3 5 6 Understanding emerging economies • Definition and terminology evolving over time

• Wide variation in “emerging economies”

- BRIC/BRICS/BRICM/BRICET/MINT/CIVETS - EAGLES (Emerging and growth-leading economies): Bangladesh, Brazil, China, India, Indonesia, Iraq, Mexico, Nigeria, Pakistan, Philippines, Russia, Saudi Arabia, Thailand, Turkey) - Next Eleven (Egypt, Indonesia, Bangladesh, Iran, Mexico, Pakistan, Nigeria, Philippines, Turkey, South Korea, and Vietnam) - NIEs (newly industrialised economies) - Graduates: South Korea, Taiwan, Singapore 5 6 4 7 “Flying geese” and “emerging giants” in Asia 8 Emerging economies as an attractive investment destination for MNEs • Despite risks emerging economies play an increasingly important role for the global economy in terms of production, consumption and innovation - Accounting for around 80 % of world’s population

- Expected to represent 62% of total consumption growth between 2015 and 2030 (22% from China alone) (McKinsey & Co.)

- Large and rapidly growing markets, cost savings in global value chains, and offering cutting edge technology and innovation → making emerging economies attractive investment destination for MNEs 7 8 5 9

• Successful global inroads of MNEs from emerging markets (EMNEs) - Rapid rise of EMNEs with global ambition - “From West to the rest” vs “from periphery to the centre” Internationalisation of EMNEs 10 Rise of EMNEs: in Fortune Global 500 Country 2000 2020 BRIC 16 142 China 10 124 US 179 121 Japan 107 53 France 31 31 UK 38 22 Source: Fortune Global 500 9 10 6 11 Fortune Global 500 Companies, 2000-2020 12 Growing dominance of Chinese MNEs in key industries on the 2000 Fortune Global 500 list 11 12 7 13

• Geographical isolation from major markets & liability of foreignness - Liability of foreignness: geographic and cultural isolation, low awareness of the products → difficult to access the major markets

• Resource disadvantages

• Most EMNEs are resource poor companies with less sophisticated resource ownership such as brands, technology, market knowledge and network - OLI perspective: traditional MNEs exist because of their possession of superior resources vs EMNEs: going abroad without superior resources

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