Insights @ Center for Emerging Markets

Devesh Kapur is the Starr Foundation Professor of South Asian Studies at Johns Hopkins University, and Arvind Subramanian is Senior Fellow at the Peterson Institute for International Economics and former Chief Economic Advisor to the Government of India. This note is based on their talk at CEM's Vivek and Vandana Sharma India Lecture, moderated by CEM Director Ravi Ramamurti. The talk drew on findings from their book, A Sixth of Humanity: Independent India's Development Odyssey. Their core message: India's decision to democratize before it developed was not an accident. It was a deliberate choice that held a diverse and fractured country together but made sustained economic development significantly harder.

Recent research by Ferretti, Manivannan, and Marques examines why voluntary sustainability standard organizations (VSSOs) spread unevenly across low- and middle-income economies. Drawing on a study of 131 agrifood VSSOs across 152 countries, the paper shows that these standards are more most commonly found not in institutional “voids” but in countries with stronger local trade, financial, and social protection institutions. The findings suggest that VSSOs are most active where domestic institutions help firms access export facilitation, technical support, and credit for standards adoption and upgrading within global value chains. Surprisingly the strength of environmental stewardship institutions is not significantly associated with VSSO diffusion. For policymakers, the implication is clear: attracting VSSOs and supporting sustainable upgrading may depend less on filling institutional voids alone and more on strengthening the local support system that enable companies to comply with and benefit from sustainability standards.

This brief examines how multinational companies (MNCs) can play an important role in climate action in emerging markets, overcoming the political roadblocks and country-specific barriers – such as inconsistent regulations or lack of technology – that have stalled global coordination. Drawing on recent research by Allen, Barbalau, Chavez and Zeni, it identifies four key features that position MNCs uniquely to address the climate challenge: their size and reach, resources and technology, collaborative networks, and superior access to capital. Together, these features enable MNCs to act as conduits for transferring the resources necessary to finance the climate transition. Although MNCs have been major contributors of global emissions, their extensive and efficient internal markets for governance, financing, and technology allow them to diffuse best practices and clean technologies more efficiently than piecemeal government regulation. By designing the right public and private incentive mechanisms, decision-makers can realign MNC objectives and harness their potential to decarbonize the economy.

The Spring 2026 issue of Insights @ CEM examines how emerging markets engage with shifting global pressures, from foreign investment and trade rules to sustainability demands and long-run development tradeoffs. Together, these pieces show that the distance between potential and outcome depends not on resources alone, but on how effectively countries and firms respond to constraint, competition, and change. 

Drawing on original research from Africa, Asia, and Latin America, plus practitioner perspectives from global leaders, the Fall 2025 issue examines how institutional choices shape whether growth in emerging markets is sustainable, inclusive, and resilient to disruption. Together, these pieces show that institutions are strategic levers, and we invite you to use these insights to inform your own decisions and debates about the future of emerging markets.

The Spring 2025 issue examines how multinational corporations engage with local institutions in emerging markets—where growth potential is high but so are the risks. We examine how companies can transform challenges into opportunities for responsible growth and competitive advantage.
For managers and policymakers, the research offers strategies for ethical, inclusive, and sustainable growth—emphasizing governance, innovation, gender equity, and public-private collaboration as keys to long-term success in emerging markets.

From the rise of emerging-market firms as leaders in global value chains to innovative governance structures that address sustainability and human rights challenges, the topics in the Fall 2024 issue offer fresh perspectives and actionable insights for navigating complex market dynamics.

The Spring 2024 issue brings together researchers from Northeastern University and the broader global academic community to explore a diverse set of topics including sustainability, trade policy, supply chains, family business, and global leadership in emerging markets. These topics shed light on sustainable growth opportunities in emerging markets and the pivotal roles that both regional and multinational firms play in supporting that growth.

Read the fourth issue and explore sustainability and Corporate Social Responsibility in emerging markets. Understanding these concepts enables managers and policymakers to make ethical decisions, safeguard long-term business success, and effectively handle the unique socio-environmental contexts of these key growth areas.

The Spring 2023 issue examines topics such as innovation in Chinese management, cultural agility, the challenges of informal entrepreneurship, shifts in global supply chain management, the future of healthcare in Sub-Saharan Africa, reverse innovation, and the locational effects of the United Nations Environment Programme in Kenya.

Read the second issue of Insights @ Center for Emerging Markets, bringing together researchers from the fields of corporate governance, accounting, entrepreneurship, international business, and legal studies to explore topics such as corruption in transition economies, how blockchain is modernizing global supply chains, and the impact of developmental assistance on entrepreneurship.

Read the first issue of Insights @ Center for Emerging Markets, bringing together international business and strategy experts examining topics such as foreign direct investment in China, the role of multinational companies in sustainable development, and corporate governance in the Middle East.