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2017/2018  BA-BASPV1234U  Emerging Markets - Societies in transition

English Title
Emerging Markets - Societies in transition

Course information

Language English
Course ECTS 7.5 ECTS
Type Elective
Level Bachelor
Duration One Quarter
Start time of the course Third Quarter
Timetable Course schedule will be posted at calendar.cbs.dk
Max. participants 60
Study board
Study Board for BSc International Business in Asia
Course coordinator
  • Niels Mygind - EGB
Main academic disciplines
  • Globalization and international business
  • International political economy
  • Economics
Last updated on 27-02-2017

Relevant links

Learning objectives
To achieve the grade 12, students should meet the following learning objectives with no or only minor mistakes or errors: The course will prepare students to:
  • understand the institutional changes in the transition to a developed market economy
  • understand trends and interactions between politics, institutions and economy in emerging markets and the role of institutions for growth and business development
  • understand and explain the role of the emerging economies in the globalization process
  • understand the risks and opportunities in emerging markets
  • identify similarities and differences between the development in different emerging markets
  • discuss, critically assess and apply theories and concepts presented throughout the course
  • identify relevant indicators for political risk, institutional quality and economic development and find updated information using the internet and the CBS library
  • be able to use the analysis of emerging economies as background for proposing strategies for companies doing or planning to do business in these markets
Course prerequisites
All undergraduates, with some basic economics background preferred.
Emerging Markets - Societies in Transition:
Exam ECTS 7,5
Examination form Oral exam based on written product

In order to participate in the oral exam, the written product must be handed in before the oral exam; by the set deadline. The grade is based on an overall assessment of the written product and the individual oral performance.
Individual or group exam Oral group exam based on written group product
Number of people in the group 3-5
Size of written product Max. 30 pages
Max 5 pages per student
Assignment type Project
Written product to be submitted on specified date and time.
20 min. per student, including examiners' discussion of grade, and informing plus explaining the grade
Grading scale 7-step scale
Examiner(s) Internal examiner and second internal examiner
Exam period Spring
Make-up exam/re-exam
Same examination form as the ordinary exam
Make-up exam (if you participated at the exam and failed it): Hand-in an addendum of 2-3 pages per student together with the original project.
Re-take (if you were absent at the ordinary exam): Hand-in an addendum of 2-3 pages per student together with the original project.
Following there will be a 20 minute oral exam.
Description of the exam procedure

The project involves analyzing one of the issues related to emerging markets. The specific themes will be based on the various topics and theoretical frameworks presented in the course and applying them to the experiences of one or more selected emerging markets. The course-readings are important introductions to the subject of institutions in emerging markets and may be complemented with specialized literature on the country-cases. Students shall make teams of 3-5 persons and write projects of max. 5 pages per student. At the oral exam the team start with a short presentation followed by discussion and questions directed to individuals in the team. Individual grading of the course will be based both on specialist knowledge (as shown in the project and in the oral exam) and on general knowledge of the field (as shown in the oral exam).

Course content and structure

 Course content
The course provides students with knowledge of the development in emerging markets including societies in transition. The emphasis is on large economies such as the BRIC-countries: Brazil, Russia, India and China (and if interest also Indonesia) but also smaller economies in Asia and Eastern Europe are included as well as other emerging markets. Students are at liberty to choose any emerging market and a theme for their projects. However, ASP students must choose an Asian country for deeper analysis. The course focuses on the institutional changes which have opened up for high growth in these economies.
The course gives an overview of recent political, institutional and economic developments in main emerging markets. It is based on an interdisciplinary framework to focus on, how institutions have changed, how they contribute to economic growth and development, and how they continue to act as barriers to change. The focus is on the interaction between politics, institutions (formal and informal - culture) and the economy. Special emphasis is put on the relation between enterprises and the development at the level of society.

Preliminary plan for the course:

  • Globalization, institutional development and emerging markets, and a model for analyzing societies.
  • Catching up growth and indicators for institutional development.
  • Stabilization and liberalization/institutional change, privatization and enterprise governance & restructuring,
  • Russia and Eastern Europe – transition from command to market economy
  • China – Virtuous circles in Chinese growth - can it go on?
  • India – democracy and economic development - risks and opportunities
  • Brazil – macro stabilization, development and inequality
  • ASEAN with focus on Indonesia
  • Globalization, FDI, and integration. The role of Emerging Economies in the World Economy
Teaching methods
The course is lecture-based and complemented by class discussions and team presentations of country-cases and themes. The course leads towards a project prepared by student teams on one or more emerging marketsof their choice. Presentations, literature, data and case materials are accessible through the web and LEARN.
Feedback during the teaching period
The teams have the opportunity of presenting their ideas for their projects in class and receiving feed-back from the teacher and the class.
During the oral exam there will be feedback from the teacher and the internal censor on the project and the performance of each student at the exam.
Student workload
lectures 36 hours
preparation for classes and exam 170 hours
Expected literature


Asian Development Bank (latest) Asian Economic Outlook / Update - http://www.adb.org
Basu, K. 2012, The Indian Economy: Rising to Global Challenges, Cornell University, https:/​/​crawford.anu.edu.au/​acde/​asarc/​pdf/​narayanan/​oration/​2012oration.pdf
Cunha O. 2013, Redefining Brazil’z Emerging Middle Class, BCG, 14 pages


Branstetter L. and N. Lardy 2006: China’s embrace of globalization, NBER working paper series no. 12373 pp 3-56.
EBRD: Transition report (latest), London. http://www.ebrd.com

EBRD: Regional Economic Prospects, pp. (latest)  http://www.ebrd.com

Economist: Special report on India (Mai 2015); Brazil (Oct 2013); China, Building the Dream, special report (April 2014). China and the World Economy – Briefing, (August 2015).

Goldman Sachs 2010, “Is this the ‘BRICs Decade’?”, BRICs Monthly, Issue 10/03, May. http:/​/​www.goldmansachs.com/​our-thinking/​archive/​archive-pdfs/​brics-dream.pdf
Goldman Sachs 2007: BRICs and Beyond 
Gupta et. Al. 2014 From poverty to empowerment: India’s imperative for jobs, growth, and effective basic

services, executive summary pp 1-26. MGI, McKinsey, February

IMF 2005: World Economic Outlook, September, ch. 3 Building Institutions pp.125-153 http:/​/​www.imf.org/​external/​pubs/​ft/​weo/​2005/​02/​pdf/​chapter3.pdf
IMF: relevant recent country reports.
McKinsey 2015: MGI – Global Growth, can productivity save the day in an ageing world.


Mygind N. 2016  – A Simple Growth Model, 20 pages, working paper, Learn

Mygind N. 2011: Transition from plan to market -a PIE analysis, CBS, http:/​/​openarchive.cbs.dk/​handle/​10398/​8486
Mygind N. 2008: Virtuous circles in Chinese growth - can it go on? 24 pages
Mygind, N.2007: The PIE Model: Politics, Institutions, Economy, A Simple Model for Analysis of the Business Environment, CEES/CBS (26 pages), http:/​/​openarchive.cbs.dk/​cbsweb/​handle/​10398/​7062
OECD recent Economic Surveys for Brazil, Russia, India, China – through CBS Library with access to OECD I-library
OECD (2013): Russia – modernizing the economy, April, pp 3-42

Tran Van Tho (2013): The Middle-Income Trap: Issues for Members of the Association of Southeast Asian Nations,

Asian Development Bank Institute, ADBI Working Paper Series, no 421, May 2013 pp 3-8.

UNCTAD (latest): World Investment Report. www.unctad.org

UNCTAD (latest): Trade and development report, www.unctad.org
UNDP (latest): Human Development Report. http://hdr.undp.org
Wilson, D. and Purushothaman, D. (2003),”Dreaming with BRICs: the Path to 2050”, Global Economics Paper No. 99, New York, Goldman Sachs. http:/​/​www.goldmansachs.com/​our-thinking/​archive/​archive-pdfs/​brics-dream.pdf
World Bank: Doing Business, latest version 

World Bank (2011), Multipolarity: The New Global Economy, Overview pp. 1-10, Global Development Horizons 2011 http:/​/​siteresources.worldbank.org/​INTGDH/​Resources/​GDH_CompleteReport2011.pdf
World Bank (2013): China 2030, Building a Modern, Harmonious and Creative Society, Part 1, pp. 1-65 http:/​/​www.worldbank.org/​content/​dam/​Worldbank/​document/​China-2030-complete.pdf
World Bank 2016, Russia Economic report, September

Last updated on 27-02-2017