Emerging no more: Do emerging market economies owe their success to globalisation?

The influential weekly The Economist recently proclaimed that emerging economies have reached a milestone by producing more than half the world's GDP. The Economists' argument suggests that emerging economies have embraced globalisation and integrated them into the international economic and trade systems. The implications for developed economies are ominous – slower growth, higher inflation, and lower wage growth. The enigma of globalisation and emerging economies are explored by decomposing them into economic, social, and political factors. We engage the globalisation literature by testing common assumptions of globalisation in emerging economies.