What’s Different About Emerging Markets, and What Does it Mean for Theory and Practice?

摘要: Much has been written about emerging markets, especially since the term BBRIC^ was coined in by Jim O’Neill [13], then-chairman of Goldman Sachs Asset Management, his publication Building Better Global Economic BRICs.However, very often, these perspectives have based on anecdotal observations followed implications for economic policy and management actions that not appropriately investigated. Limited attention is devoted to theoretical underpinnings, corresponding frameworks, empirical analyses. Additionally, fact there often little common between Brazil, Russia, India, China (and now South Africa) lost. At same time, many countries with strong similarities each them are correspondingly ignored. Over past decade, marketing academics examined differences markets (EMs) developed (DMs), as well market phenomena across within EMs. Some work conceptual provides excellent frameworks (e.g., [2, 5, 10, 18]), other studies (examples include papers International Journal Research Marketing’s 2013 Special Issue Emerging Markets; [6, 12, 17]) . This Customer Needs Solutions builds upon increasing academic managerial interest identifying theory practice seismic shifts current world economy. In this editorial, we focus summarizing some findings Issue. lay out a framework future So, what, if anything, different really matters? We summarized nine broad areas which significant (outlined Table 1). Before addressing EMs, it useful understand historical context from they evolved. their role global economy form natural development dynamics international trade. Ricardo, comparative advantage 1817 [3] noted because had resources, wealth could be created specializing those industries relative (for example, British making cloth Portuguese wine). The success early European traders applying principles led colonization where terms trade underpinned military power; Indian Mutiny, Boxer Rebellion opening Japanese Admiral Perry providing examples [8]. history up beginning twentieth century focused source raw materials (reflecting supply side view primacy western markets). There foreign was, seen way absorbing excess capacity leveraging colonists’ ability an intermediary Boston Tea Party, Salt March India). situation continued until Second World War (1939–1945), after what were then called developing gained independence. However, fall colonialism, under-developed still takers, albeit limited * John Roberts johnr@agsm.edu.au