Emerging markets is one of the most powerful terms in the world. Companies plan global expansion strategies with reference to it, multilateral organisations use it to analyse key economic and social trends and some $10.3tn is invested in EM stock and bond markets by international funds via an alphabet soup of EM indices.
More than this though, our mental maps of the world tend to create an invisible but pervasive partition between EM countries at the periphery and developed market countries at the core of world affairs.
But such maps — say critics — are not only crude, they are outdated and unhelpful.
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