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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