Introduction

There is a sense of dynamism and excitement relating to prospects for increased cooperation in trade, investment, and cultural exchange between emerging market nations and the developed countries of the world economy. There is also a sense of uncertainty and instability inherent in the transitioning into more responsive economic systems and the shifting power bases which have come to characterize economic globalization. This has created a dual need, shared by developed countries and emerging markets alike, to understand dynamic international business environments and to learn from each other. Emerging markets are propelled by the need to catch up with the developed countries in the areas so well delineated by the World Economic Forum's Global Competitiveness Reports - technological innovation, predictable public institutions, labor standards, capital utilization, and efficiency. Business education provides one of the key and necessary ingredient in this third wave of globalization, as it has come to be termed. Professors from overseas are often invited as foreign experts to teach, develop curricula, and train the trainers. Simultaneously, developed countries want to tap the potential of emerging markets as evidenced in differing wages, cost advantages, and resource acquisition. Multinational companies and minimultinationals, whether through efficiency or resource or market-seeking, are keen on sourcing products and services overseas and selling their products and services to the same destinations. This virtuous cycle fuels the economic growth so evident in emerging market dynamism and provides the impetus for new models of educational cooperation.