Emerging Markets

Book

The Bridge to a Global Middle Class

A thought-provoking retrospective that culls the views of economists, international financial institutions, Wall Street, organized labor, and various public-interest organizations on how to fortify the U.S. global financial infrastructure. The effort is the culmination of an eighteen-month study that sought to encourage the evolution of middle-class-oriented economic development in emerging-market countries.

See more in United States; Economic Development; Emerging Markets

Other Report

The Paradox of Free Market Democracy: Indonesia and the Problems Facing Neoliberal Reform (A CFR Paper)

Author: Amy L. Chua

This paper situates the recent problems in Indonesia in a more general framework that is called the paradox of free-market democracy. The basic thesis advanced is as follows. In Indonesia, as in many developing countries, class and ethnicity overlap in a distinctive and potentially explosive way: namely, in the form of a starkly economically dominant ethnic minority--here, the Sino-Indonesians.

See more in Emerging Markets; Indonesia

Other Report

Korea's Comeback: The Thirst for Funds Drives (A CFR Paper)

Author: Hilton Root

Six years ago, Korea was in trouble. Its banking system, inadequately supervised,collapsed. Industry,lac king financial discipline,expanded unproductively with its "too big to fail" private firms crowding out smaller rivals. Labor market rigidity weakened the competitive position of Korean industry. The financial crisis that resulted gave rise to hopes that significant reform would address all three dimensions of Korea's vulnerability.

See more in Emerging Markets; North Korea; Financial Crises

Other Report

Building the Financial Infrastructure for Middle Class Emerging Economies (A CFR Paper)

Author: Jane D'Arista

The export-led growth model for emerging economies is driven by their need to service external debt and build foreign exchange reserves. It has foundered in the aftermath of financial crises characterized by collapsing currency and asset values, widespread bankruptcies in real and financial sectors, rising unemployment, and negative growth rates. This report addresses the issue of building the financial infrastructure for emerging middle-class economies.

See more in Emerging Markets

Other Report

Private Capital Flows, Emerging Economies and International Financial Architecture (A CFR Paper)

Author: Glenn Yago

This report suggests that the control of capital in the developed world continues to shift away from private and state-owned institutions and toward public markets. Thereore, small and medium-sized firms with the best prospects for innovation and income/wealth generation need to be liberated from their dependence upon bank-based financial systems. They must also have the ability to turn to market-based systems with access to institutional capital providers at home and abroad.

See more in International Finance; Emerging Markets

Event

Book Party for "No One's World: The West, the Rising Rest, and the Coming Global Turn" by Charlie Kupchan

In No One's World: The West, the Rising Rest, and the Coming Global Turn, Charles A. Kupchan argues that the world is headed for political and ideological diversity. The twenty-first century will not belong to America, China, Asia, or anyone else. It will be no one's world. Kupchan provides a detailed strategy for striking a bargain between the West and the rising rest by fashioning a new consensus on issues of legitimacy, sovereignty, and governance.

Related Readings:

No One's World: The West, the Rising Rest, and the Coming Global Turn, by Charles A. Kupchan

"The West's Comeback: Renewal Starts at Home," by Charles A. Kupchan

Bio of Charles A. Kupchan

See more in Emerging Markets; History and Theory of International Relations

Event

John B. Hurford Memorial Lecture: Lessons from Emerging Markets

Join Joyce Chang, Richard Clarida, and Peter Henry for a discussion of how emerging markets have responded to the global recession of 2008-2009 and potential lessons for developed countries.

Inaugurated in 2002 in memory of Council member John B. Hurford, this annual lecture features individuals who represent critical new thinking in foreign policy and international affairs.

See more in Emerging Markets