Threat or Opportunity?
- Studies in International Investment series
Edited by Karl P. Sauvant
Chapter 16: The Rise of TNCs from Emerging Markets: Threat or Opportunity?
Lorraine Eden INTRODUCTION This edited book is based on a conference held at Columbia University in October 2006. The theme of the conference was the rise of transnational corporations (TNCs) from emerging markets, and the impact of this rise on home and host countries and the international community. The purpose of my chapter is to sum up – or to distill – a few observations based on looking across the conference (and the book chapters) as a whole. My comments focus on broad themes and do not cover all of the points or even cover all of the chapters. Rather, I focus on selections which illustrate what I saw as some of the key themes emerging from the conference. 16.1 WHICH ARE THE EMERGING MARKETS? The ﬁrst issue is deﬁnitional: which countries are included in the term ‘emerging markets’? Which ﬁrms are considered to be ‘emerging market ﬁrms’? How broad or narrow are the terms that scholars and policy makers should be using? The most commonly used deﬁnition of emerging markets in the management literature is: ‘Emerging economies are low-income, rapid-growth countries using economic liberalization as their primary engine of growth’ (Hoskisson et al. 2000, p. 249). Their deﬁnition included 51 rapid-growth developing countries in Asia, Latin America and the Middle East identiﬁed by the International Finance Corporation, and 13 transition economies in the former Soviet Union and China identiﬁed by the European Bank for Reconstruction and Development, making a total of 64 countries. The core characteristics...
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