Mr Hedrick-Wong finds that among emerging economies, those that invest a bigger share of GDP tend to enjoy faster growth.
South Korea, whose economy is currently suffering from bank collapses and corporate bankruptcies, ranks 24th in the Heritage Foundation's overall index (but rolls up sixth among those emerging economies tracked by The Economist).
It is a commonplace that, among these emerging economies, the most successful are the ones that have educated most of their workers up to, and in many cases well beyond, levels typically achieved in the West.
Just as the major advanced economies need to keep working to preserve stability among reserve currencies, emerging economies need to allow for currencies that are market-driven.
That means Google may find a home for its phone among consumers in developed and emerging economies, rather than the corporate or creative elite.
Fisher is keenly aware that among the first luxuries new consumers in emerging economies buy are cameras, and he is moving fast to capitalize on this.
By 2050, two emerging market economies will be among the 3 largest in the world, while two-thirds of the thirty largest economies will come from EM-denominated nations.
FORBES: Emerging Market Growth Fell To Lowest Level In Two Years In Q2
The chief geopolitical risk, which Mr Cookson underscores, is a longer-term one, but a process already under way: the very strength of emerging economies is altering power relations among states.
Now the rise in emerging economies is once again altering power relations among states and creating new geopolitical risks.
With China and India showing faster growth rates than Western economies, research analysts have been bullish about luxury, positing that even if the West slows down, a rise in consumer spending among the newly rich of China, India and other emerging economies will lift the luxury market.
And key, of course, to achieving this, among other things, is for China and other surplus emerging market economies to take fiscal and other measures to support domestic consumption as well as allowing exchange rates to reflect market forces.
Other large emerging economies are also spending more on research and development than before, among them Brazil, Mexico, South Africa and Turkey.
If you look at the MSCI Emerging Markets Index, the benchmark allocation of equity allocation among the almost-advanced economies, you see that Argentina is not even among the top 22 countries in this second-tier bunch.
India is seen by many investors as one of the safest havens among the emerging markets as investors try to tap into one of the world's best-performing economies.
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