Global Revolution

According to Boston Consulting Group leaders Arindam Bhattacharya and Arun Maira, the so-called "third wave" of globalization is giving unprecedented opportunity to emerging markets to reshape the global economy in their own image. Whereas the first and second phases of globalization cemented the dominance of the "triad" of North America, Europe, and Japan, the third step is bringing India, China, Latin America, and other developing areas to prominence via their "attacker firms" – competitive businesses that possess the technology and capability to challenge multinational corporations in the global market. While also benefiting from increasing domestic consumer bases, "attacker firms" have shown themselves adaptable to different market conditions, willing to partner with or acquire other firms to break into new markets, and adept at acquiring new technologies which allow them to stay a step ahead of the competition. The story of emerging markets and their upstart corporations is quickly becoming the story of the new globalization. – YaleGlobal