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Emerging Markets: Anatomy, Characteristics, and History

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Emerging Markets in a World of Chaos

Abstract

China has had a meteoric rise in the last three decades to become the second largest economy in the world, but the growth model is being rethought. India has emerged as a large services sector economy after years of low growth. The Latin American trifecta of Brazil, Argentina, and Mexico built industrial capability in the earlier part of the century, but they are now adversely impacted by institutional and microeconomic challenges. Russia and Saudi Arabia continue to be impacted by the vagaries of the oil market and geopolitics linked to Ukraine and other crises. Türkiye has changed but has faced setbacks. Indonesia has stabilized and is growing. South Africa faces a difficult post-apartheid transition.

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Notes

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  25. 25.

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  87. 87.

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  105. 105.

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  107. 107.

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  110. 110.

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  112. 112.

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  116. 116.

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  117. 117.

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  118. 118.

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  122. 122.

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  123. 123.

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  124. 124.

    The Berkeley Mafia refers to a group of Indonesian economists who had studied at the University of California, Berkeley, and who first obtained positions in the Suharto government during the late 1960s. They promoted free-market capitalism and sought to reverse progressive economic reforms adopted previously by the Sukarno government. The country was characterized by massive corruption during this period.

  125. 125.

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  126. 126.

    Dick and Mulholland (2018).

  127. 127.

    James (2014).

  128. 128.

    Hausmann et al. (2022).

  129. 129.

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  130. 130.

    Bhorat and Stanwix (2022). See also Allen et al. (2021).

  131. 131.

    World Bank (2018a).

  132. 132.

    Orthofer (2016).

  133. 133.

    World Bank (2018b).

  134. 134.

    Sguazzin et al. (2022).

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Zafar, A. (2023). Emerging Markets: Anatomy, Characteristics, and History. In: Emerging Markets in a World of Chaos. Palgrave Macmillan, Cham. https://doi.org/10.1007/978-3-031-29949-0_3

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  • DOI: https://doi.org/10.1007/978-3-031-29949-0_3

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