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Chapter 11: The Age of Emerging Markets
CNBC.com | March 16, 2012 | 11:33 AM EDT

By 2050 the big economies will no longer be emerging, and the emerging economies will no longer be very big

FORTY YEARS AGO, “emerging markets” did not exist. The phrase, now ubiquitous, did not appear until 1981. It was coined by Antoine van Agtmael, an official at the International Finance Corporation, a division of the World Bank. He was looking for a more enticing title for his Third World Equity Fund, a name, he said, that evoked images of “flimsy polyester, cheap toys, rampant corruption, Sovietstyle tractors and flooded rice paddies”. Such images were not easy to dislodge from the minds of Western investors, whose horizons once extended little beyond their own shores. In his earlier job at Bankers Trust Company in the 1970s, van Agtmael recalls, his boss told him, “There are no markets outside the United States!”

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