Emerged Markets

For far too long, emerging markets and developing countries have played

a subservient role in the global economy.

This book builds a compelling case that a new settlement is needed, that

rebalances power, well beyond existing arrangements such as the G20, and

creates a shared vision to build economic growth and prosperity. The alternative

is a world which lurches from crisis to conflict, jeopardising peace

and prosperity. The very phrase “emerging markets” connotes that some

countries are still developing and cannot compete with mostly Western

global economic heavyweights. But the rise of China and India has not

been isolated phenomena, with many other emerged countries also becoming

confident about their place in the world: these are emerged markets,

not the Global South or the Third World. Although these emerged countries

now dominate global trade and investment and are the biggest champions

of globalisation, their dramatic increase in economic weight has not

led to a commensurate increase in clout and influence on the world stage,

due to fundamentally unchanged World War II-ra structures and apparatus.

Written by a global economics insider who has been in the room in

multilateral, national, and private sector organisations, this book argues

that the developed and emerged worlds should be positioned as equal economic

partners, requiring dramatic adjustments in perceptions and power

on the part of the developed world. Though clear-yed about the ills that

continue to exist in the emerged world, Vasuki Shastry explains why rich

countries should be willing and open to learn from their success stories.

He presents a reimagined narrative for the global economy, with more

collaboration, less finger-ointing, and a confluence of equals in managing

profound economic risks and opportunities, now and in the future.

Leaders in business, NGOs, and government, as well as students of business

and international relations, will appreciate this thoughtful examination

of what could happen if emerged and developed markets worked as

equal partners for the common good.