In 2001, when Jim O’Neill of Goldman Sachs coined the term BRIC economies, he claimed that by 2050 the combined economies of Brazil, Russia, India and China could eclipse the combined economies of the richest countries. Of course, O’Neill didn’t take the 2009 financial crisis into account while making this prediction. The tremors caused by the latest global financial crisis seemed to have shifted the centre of economic gravity to the east — China , to be precise. But it still carries the tag of emerging economy. Even in the middle of the global turmoil, China may have continued to grow, but the west still sees it as a source of easy cash and cheap products.
It’s almost the same story for India, Brazil and Russia — seen as sources of cheap labour, raw material and good services or as attractive markets, despite their efforts to turn their financial muscle into political clout. In this book, Harvard business gurus Tarun Khanna and Krishna Palepu have tried to explain the complex nature of the emerging economies and have recommended strategies big companies should adopt to “win these markets” .