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Purpose - The purpose of this paper is to address the future role of emerging economies in the global marketplace. The paper highlights current trends in the global market and the changing role of emerging economies. Design/methodology/approach - The paper discusses various perspectives on the role of emerging economies in a globalized world. The paper relies on recent debates on the state of the global economy and the changing positions of emerging economies in the world market. Findings - The paper devises six categories for today's emerging economies. These are: advancing player, reluctant player, repositioning player, the defender, chained player, and retreating player. These classifications set the stage for a thoughtful discussion on the potential roles of emerging economies in a world that is characterized by constant changes and alternating positions of major players. Originality/value - The paper provides unique perspectives on emerging economies, while refuting those who attempt to marginalize their roles in today's marketplace. It makes a powerful argument that in the era of globalization neither the developed world nor the emerging economies can lead without the other. [ABSTRACT FROM AUTHOR]

The notion of globalization was an emerging trend during the course of the past century, and the notion of progress has been a basic tenet of the Western paradigm throughout the entire past millennium. Given the desperate situation in which large segments of the world find themselves and the recent intensification of international terrorism, this paper investigates the roots of the notion of progress, and discusses its potential impact on globalization during the third millennium. Basically, do we have real progress as felt in the industrialized West, or simply the appearance of it as feared by third-world nations? And, if so, what can be done to help? To this important question, this paper responds with "guarded optimism." Its first section describes the prevalence of violence in the world of today. The second section recounts the gradual emergence of a planetary consciousness, and examines it critically to detect whether it is a sham or for real. The third section outlines the developmental problems that beset underdeveloped countries, and discusses trade as the most effective means already at work for building international networks. Finally, the paper's fourth section presents the ascending role of scholars in promoting effective networks among the nations of the world. In spite of its inauspicious beginnings, the third millennium has the potential for continued progress, and our institutions could become increasingly involved in forging effective international networks. [ABSTRACT FROM AUTHOR]