What must an Emerging Market country do to create a business environment comparable to that of a developed country? Discuss the nature and differences in political economy and institutions between emerging markets and developed countries. The emerging Market in China, Taiwan, Korea and Hong Kong, and compare its business environment with that of the USA. Outline the reforms required by these Emerging Markets to close the gap with the USA. Is it feasible that these Emerging Markets will succeed in closing this gap? What are the likely factors that will hinder the improvement of the business environment in these Emerging Markets? Use the rankings of countries related to economic and political freedoms, transparency, competitiveness, culture, risk, institutions etc published by www.GlobalEdge.msu.edu, as well as economic indicators published by the World Bank, such as economic growth, FDI inflows, inflation rates, etc. Have attached more detailed requirements.