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2023/2024  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
  • Blended learning
Last updated on 31-01-2023

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 Home assignment - written product
Individual or group exam Group exam
Please note the rules in the Programme Regulations about identification of individual contributions.
Number of people in the group 3-5
Size of written product Max. 25 pages
Max 5 pages per student
Assignment type Project
Release of assignment Subject chosen by students themselves, see guidelines if any
Duration Written product to be submitted on specified date and time.
Grading scale 7-point grading scale
Examiner(s) One internal examiner
Exam period Spring
Make-up exam/re-exam Oral Exam
Duration: 20 min. per student, including examiners' discussion of grade, and informing plus explaining the grade
Preparation time: No preparation
Examiner(s): If it is an internal examination, there will be a second internal examiner at the re-exam. If it is an external examination, there will be an external examiner.
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. 

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 BRIC-countries: Brazil, Russia, India and China, but other emerging 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. The emerging economies are analyzed in relation to the development in globalization and the challenges related to the new global economic order with the rise of China.

Preliminary plan for the course:


  • Introduction – emerging markets – societies in transition – an overview
  • 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
  • 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 BRICs
  • Presentation of the mini-projects in the class
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 and to present the whole project before submission.
Student workload
Lectures 30 hours
Workshop 8 hours
preparation for classes and exam 168 hours
Expected literature

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

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

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: updated 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

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, 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

Mygind N. 2021 – PIE-model for globalization – first draft – August, EGB, CBS, Canvas

OECD recent Economic Surveys for BRICs – 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): Innovative China – new drivers of growth http:/​​/​​documents.worldbank.org

Last updated on 31-01-2023