Emerging Markets Academy

The “Emerging markets” (EM) term was made popular by the World Bank economist Antoine Van Agtmael in the 1980s. It gradually replaced the terms “third world” or “less developed countries”, which were used since the days of the cold war to the 1970s but were increasingly thought politically incorrect.

As opposed to a static vision dividing the world economy and politics between “North” and “South”, the “Emerging markets” term acknowledged and highlighted the growing diversity of countries outside of the rich countries. It also served the purpose to recognise the growing economic successes of the so-called Asia’s four tigers, Hong Kong, Singapore, South Korea and Taiwan. Initially designating countries in transition between the developing and developed status, several definitions and criteria have been given since but remain an on-going debate.