Publishers Weekly
Over the past 15 years, emerging market economies have grown rapidly, despite
volatility and frequent crises. Companies from Brazil, Russia, India, Mexico
and China, as well as some smaller countries, have become global leaders in
a variety of industries. This book gives capsule summaries of 25 such companies—including
Samsung, Concha y Toro, Televisa and Hyundai—to dispel the belief that
developed market economy "companies continue to lead in global presence,
in technology and design, and above all, in brand recognition and marketing
prowess." As an experienced investor at the World Bank Group, the author
has long acquaintance with these companies and shrewd insight into their strengths
and weaknesses. His compelling summaries illustrate creative management solutions
absent from most business textbooks and case studies. The best of these companies
have turned challenges that are uncommon in developed economies into unconventional
opportunities. But readers should also be wary: van Agtmael does not warn
investors that good companies are not always good investments, because profits
do not always accrue to shareholders or the stock may be overpriced. (Jan.
9)
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"Just looking at things a bit differently can make all the difference
because even--and sometimes especially--experts don't always know best."
So states van Agtmael, founder of an investment advisory firm, who coined
the phrase emerging markets to replace the negative connotation of Third World.
He sets out in this book to profile 25 world-class emerging multinationals,
which include Haier (Chinese brand in household appliances), Embraer (Brazilian
producer of jet aircraft for regional markets), High Tech Computer Corp. (Taiwanese
designers of sophisticated, converged hand-held devices), and Hyundai Heavy
Industries (Korean shipbuilder, the world's largest). The author quotes Goldman
Sachs' projections that the largest emerging markets, China, Brazil, India,
and Russia, will overtake the U.S., Japan, Germany, France, the UK, Italy,
and Canada by 2040. Understanding these companies and their strategies provides
important insight into the future of globalization and the competitive challenges
of this century. This is an excellent book, with valuable information not
only for investors but also for corporate management, which faces emerging
market competition. Mary Whaley
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