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2020/2021  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 in Business, Asian Language and Culture
Course coordinator
  • Niels Mygind - Department of International Economics, Goverment and Business (EGB)
Main academic disciplines
  • Globalisation and international business
  • International political economy
  • Economics
Teaching methods
  • Face-to-face teaching
Last updated on 14-02-2020

Relevant links

Learning objectives
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. 25 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-point grading 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, structure and pedagogical approach

The course provides students with knowledge of the development in emerging markets. The emphasis is on five large economies - the BRIIC-countries: Brazil, Russia, India, Indonesia and China, but also smaller economies may be included. 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 the main emerging markets. It is based on an interdisciplinary framework focusing on, how institutions have changed, how they contribute to economic growth and development, and how they may act as barriers to change. The focus is on the interaction between politics, institutions (formal and informal - culture) and the economy. Special emphasis is on the relation between enterprises and the development at the level of society.

Preliminary plan for the course:

  • Emerging markets and a model for analyzing societies: The dynamics between politics, institutional change and the economy
  • Catching up growth - extensive and intensive growth – the middle income trap
  • Russia and Eastern Europe – transition from command to market economy – stabilization, liberalization, privatization and restructuring
  • Russia – current problems of modernization – from reforms to stagnation
  • China – gradual transition to a developed market economy
  • China –can the high growth go on?
  • India – democracy and economic development - risks and opportunities
  • Brazil – economic stabilization - development and inequality - growth challenges
  • Indonesia - stages of political and economic development
  • Globalization, FDI, and integration of emerging markets
  • Emerging markets and the new global economic order – the China challenge
  • Rounding up – differences and similarities between the BRIICs
Description of the 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 markets of their choice. Presentations, literature, data and case materials are accessible through the web and Canvas.
Feedback during the teaching period
The teams have the opportunity of presenting their projects-ideas in class to receive 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

EBRD: Transition report (latest), London. http://www.ebrd.com

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

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,. 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 country reports.

IMF (2014) 25 years of transition, www.imf.org

IMF 2018 Spilimbergo & Srinivasan, Brazil: boom, bust, and the road to recovery, www.imf.org

IMF 2018: Realizing Indonesia’a Economic Potential, see especially chapters: 1-3, www.imf.org

McKinsey Global Institute (2019): China and the world – inside the dynamics of a changing relationship https://www.mckinsey.com

Mygind, N.2007: The PIE Model: Politics, Institutions, Economy, A Simple Model for Analysis

of the Business Environment, CEES/CBS,  http:/​​/​​openarchive.cbs.dk/​​cbsweb/​​handle/​​10398/​​7062

Mygind N. 2008: Virtuous circles in Chinese growth - can it go on? 24 pages

Mygind N. 2011: Transition from plan to market -a PIE analysis, CBS, http:/​​/​​openarchive.cbs.dk/​​handle/​​10398/​​8486
Mygind N. 2016  – A Simple Growth Model, 20 pages, working paper, Canvas

OECD recent Economic Surveys for BRIICs – through CBS Library access to OECD I-library
OECD (2013): Russia – modernizing the economy, April, pp 3-42

Solanka (2020) From reforms to stagnation – 20 years of economic policies in Putin’s Russia https:/​/​helda.helsinki.fi/​bof/​bitstream/​handle/​123456789/​16548/​bpb0120.pdf?sequence=1&isAllowed=y

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
World Bank (latest): Doing Business,                                                                                                   
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 (latest): Russia Economic report,   

World Bank (2016): Pathways to inclusive growth – The Russian Federation,  pp. 1-18. http:/​/​pubdocs.worldbank.org/​en/​184311484167004822/​Dec27-SCD-paper-eng.pdf

World Bank 2019 - Indonesia Economic Quarterly – Investing in People, www.worldbank.org                                                                              

World Bank (2019): Innovative China – new drivers of growth http:/​/​documents.worldbank.org

Last updated on 14-02-2020