From Emerging Markets 1.0 to 3.0

Yusaf H. Akbar

Chapter 1 in A Research Agenda for Emerging Markets, 2026, pp 1-18 from Edward Elgar Publishing

Abstract: This chapter traces the evolution of the emerging markets concept in management scholarship, highlighting its significance in international business research over the past three decades. Originating in 1981 to replace the term “Third World,” emerging markets denote economies undergoing rapid growth, institutional convergence, and increased business certainty. The chapter explores key vectors such as institutional voids, intellectual property risks, and non-market strategies, alongside tactical aspects like marketing, innovation, and finance. It outlines the progression from Emerging Markets 1.0, shaped by Cold War dynamics, to 2.0's post-Cold War liberalization and global supply chain integration, and 2.5's focus on environmental, social, and governance (ESG) principles. The current phase, Emerging Markets 3.0, reflects the rise of state capitalism, economic fragmentation, and multipolarity, challenging the convergence toward developed-country norms. The chapter concludes by questioning the continued relevance of the emerging markets label and suggesting future research directions.

Keywords: Emerging Markets; International Business; Institutional Voids; State Capitalism; De-globalization; Geopolitical Risk (search for similar items in EconPapers)
Date: 2026
ISBN: 9781035331574
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