Abstract
Following the abandonment of the Bretton Woods system in 1971, the US and Great Britain started to spread their market-oriented policies leading to what we call today, globalization. The European Commission defines globalization as 'the process by which markets and production in different countries are becoming increasingly interdependent due to the dynamics of trade in goods and services and the flow of capital and technology accelerated by the fall in tariff barriers through the impetus of international institutions, notably the World Trade Organization (WTO) and the reduction in transportation and communication costs'. Twenty years ago, a new wave of countries who had been kept away from international trade for a long time appeared in Latin America, Asia, Africa and more recently in Eastern Europe after the collapse of the former Soviet Union in 1991. Czinkota and Ronkainen characterized Emerging Markets by their GNI per capita which should not exceed $ 9.265 according to the World Bank (WB), by their impressive economic growth and by the democratization of their political structure and adoption of neo-liberal reforms.
