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The Next Silicon Valley: Economic development needs new terminology and metrics


New terminology is needed to move beyond “macroeconomics” and “emerging economies” in order to identify new areas of growth, says study on “Fast-Expanding Markets” (FEMs) co-authored by Dr Khaled Soufani, Senior Faculty in Management Practice at Cambridge Judge. This new terminology recognises a wide swathe of important economic activity and, at the same time, reflects the fact that the terms “developing economies” and “emerging markets” have lost much of their usefulness given that China, which was recently classified in those ways, is now the second-largest economy in the world.

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