The dominant western theories that underpinned the short-termism and high-risk behaviour of institutions and individuals in global markets are shattered. In this vacuum, Emerging nations have claimed a greater say in defining global economic governance.
The combined effects of economic and social globalization have altered the balance of power between “developed” and “emerging” nations. Access to capital, knowledge and talent have levelled the global playing fields on which firms – old and new – compete.
The increased economic and geopolitical weight of emerging markets and their leading firms has a price: a greater responsibility to address social, environmental and governance issues to ensure the long-term sustainability and stability of the global market system.
EABIS Annual Colloquium “Corporate Responsibility and Emerging Markets” - 20-21 September 2010- St. Petersburg State University Graduate School of Management