First, we ask the question of what are emerging markets. How are emerging markets different (or not) from advanced economies, and how are they similar (or not) to each other? We consider contextual factors like the colonial heritage many carry, their rapid industrialization and associated socio-political transformation, and how that shapes firms and markets. Emerging markets find themselves at best in the middle of the global economic hierarchy (and sometimes even lower), and throughout, we consider what means for how they engage in business across borders.

We then consider the foundational international business literature: How have scholars previously considered and conceptualized emerging markets? We discuss the pioneering works of Dunning, Hymer, Vernon, Lall and others, and relate those perspectives to current debates in the field. In so doing, we discuss the role of multinational enterprises from advanced countries (AMNEs) as sources of potential upgrading but also potential exploitation.

In the third module, we hone in on emerging market multinational enterprises (EMNEs). We critically discuss the literature that has been developed on this topic, including the “similar or different” debate, EMNEs as sources of novel capabilities and the importance and challenge of EMNEs gaining legitimacy.

Our final module looks at international business in emerging markets that go beyond EMNEs. We consider born global firms, the second, third and fourth tier firms participating in global value chains, migrant enterprises and digitally-enabled business, all from the perspective of emerging markets. Throughout, we interrogate how we understand what is “international business”.

Professor Helena Barnard

Prof Helena Barnard is a full professor at GIBS and responsible for the GIBS doctoral programmes. Her research interests are in how knowledge (and with-it technology, organisational practices, and innovation) moves between more and less developed countries, particularly in Africa. She researches both organisational mechanisms (notably emerging multinationals and internet-enabled businesses) and individual mechanisms such as scientific collaboration, doctoral training, and migration-related topics such as the diaspora and immigrant entrepreneurship.

She was the Academy of International Business (AIB) Vice President for Administration (2017 to 2020), was the founding chairperson of the Emerging Markets Special Interest Group of AIB, and serves of the board of the AIB-CIBER Doctoral Academy. From 2018 to 2019, she was the Dunning Fellow at the John H Dunning Centre for International Business at the University of Reading. She was inducted as a Fellow of the AIB in 2025.

She has published in the Journal of Management (ABS4*), Journal of International Business Studies (ABS4*), Research Policy (ABS4*), Journal of World Business (ABS4) and others. Her paper on religion as an institution in Africa (with her colleague Prof Anastacia Mamabolo) won the 2023 Best Paper award of the Journal of World Business.

Prof Barnard has been an area editor for the Journal of International Business Policy since the founding of the journal, and is an area editor for Academy of Management Perspectives for the 2024 to 2027 term. From 2017 to 2021, she served as deputy editor in charge of Africa for the journal Management and Organizational Review where she was recognised with a Distinguished Editor Award, and from 2017 to 2022 the editor in charge of international business research for the Africa Journal of Management. .