Assessing and Evaluating in to the Next Global Economies
Emerging economies which are going to become next global leaders are mostly developing progressively. Possessing the driving forces like, labor force growth of working age, increase in human capital, growth in the physical capital stock, and total factor productivity growth caused by technological progress, emerging economies have stronger growth potential than the current advanced economies. On most of these measures, it should be stressed that they continue to follow broadly growth-friendly liberalizing policies. The shift in global economic power from the G7 to the E7 emerging economies should, however, be robust to these uncertainties, provided that there are no catastrophic shocks like global nuclear war, asteroid collisions, and extreme global climate change etc. that derail the overall global economic development process. In the early stages of market emergence, enterprise strategy was dominant. As markets mature, transaction cost economics and subsequently, the resource-based views became more important. Finally, assessing the most important fast growing emerging economies, the growth potential of these global leaders and their future performances in the world economy has been evaluated by empirical analysis in this study.
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