What has gone wrong with the so-called 'emerging markets'?

Tokyo

IS there a difference between an "emerging market" and an emerging economy or developing country, and does it matter in any case? Yes, it does - it matters a whole lot - and only now are economists (though not yet the financial world, it seems) beginning to wake up to just why this is so.

The World Bank, whose private-sector arm the International Finance Corporation (IFC) strongly promoted the development of so-called emerging markets back in the 1980s, has atoned to some extent for its past sins in this regard by publishing a report telling it (partly) like it really is about "emerging markets".