Introduction: EMEs in Long-Term Historical Perspective

This book provides a comprehensive global economic history of the development of Emerging Market Economies over the past century. It details the impressive achievements of the modern era and identifies key structural drivers, and the changes taking place thereof, both over time and across geographies. It also assesses the current challenges facing EMEs and discusses extensively their likely evolution over the coming years. The post-World War II period witnessed exceptional economic development across Emerging Market Economies (EMEs). These economies experienced rapid income growth and convergence, resulting in improved living standards for their citizens. This growth was driven by both the pull of global integration and the push of developmentalist economic policies implemented under state leadership. However, the economic transition of EMEs was not smooth, as it was often disrupted by severe economic crises, particularly during the 1980s and 1990s. These crises often preceded fundamental economic regime shifts, paving the way for the emergence of new, more dynamic economic systems in the 2000s. Currently, EMEs appear to be more vulnerable, burdened by inefficiencies, excesses, and imbalances. Looming challenges such as climate change, demographic stagnation, and pervasive economic exclusion are expected to force significant, if tumultuous, changes across EMEs.