Evidence abounds of the growing influence of the new world. India obtained a nuclear treaty with the US that would have been laughed off by the US Congress a few years back. China and its currency is keeping the US Federal Reserve awake all night and threatening a new kind of war. Even Blackberry has had to suspend its “research in motion” and work with emerging market regulators who have demanded access to its guarded encrypted data – its selling point.
Yes, emerging markets are no longer a hobby horse and have instead reared themselves as a fountainhead of potent themes that are coming through thick and fast. In these times of extreme change only the nimble will survive, thus the need to unlearn and learn will be paramount to avoid the dangers of continued naivety.
To achieve a balance between development and sustenance, big business will soon have to work with a greater sense of responsibility and engage at a diverse level. The consumer-centric post-World War II legacy cannot meet the demands of the 3 billion people joining the fray. If this is ignored, the abuse and wastage of consumer extravagance will permanently damage the delicate ecosystems, straining limited global resources.
...A myth is that all reforms are good and all economic liberalisation healthy. In fledgling economies, state intervention and control over key deliverables is key if development is to be all-inclusive and sustainable.
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