The term “emerging market” refers to a country where incomes are currently low but that is likely to experience rapid growth and increasing economic competitiveness. Identifying emerging markets is important for international development, and for investors they represent intriguing opportunities to reap uncommon gains. Yet many of the characteristics of emerging markets—including demographic shifts, rising educational attainment, and growing urbanization—are also found closer to home, in communities that have been underserved by the existing financial-services system.
Gregory Fairchild introduces readers to the rising set of entrepreneurs whose efforts to reach marginalized groups are reshaping the emerging markets of the United States. He explores how minority-owned and community-development institutions are achieving innovations in consumer- and small-business-targeted financial services to further economic development and reduce inequality. Fairchild illustrates these transformative models through compelling narratives: the decision by a Chinese-ethnic credit union to open a branch in a new neighborhood, investment by a minority-led private equity firm in satellite radio for the developing world, and efforts by a community-development-loan fund to bring fresh foods into a food desert in Philadelphia. He analyzes the models of these organizations, measures their successes and failures, and provides suggestions for sustainable growth of similar organizations. Bringing together quantitative research, powerful stories of real-world entrepreneurs, and nuanced insights on public policy, Emerging Domestic Markets offers a vital set of prescriptions for inclusive financial development.
- Table of Contents
- Acknowledgments
- Preface
- 1. The Best Investment I Never Had to Make
- 2. A Fool’s Errand? The Riskiness of Financial Services in Low-Income Areas
- 3. Efficient? Are Development Financial Institutions Expensive to Operate?
- 4. Changing the World Through the South Side of Chicago
- 5. Corn Tostadas and a Changing Compton
- 6. A Sense of Place: Interplay of Geography and Capability
- 7. What Ethnic Hairstyling and Credit Unions Have in Common
- 8. Croissants and Corridors to Wealth Creation
- 9. Targeted Private Equity I: Neighborhood Integration, Black Capitalism, and the Inception of Minority Private Equity
- 10. Targeted Private Equity II: The Advantage of Being a Marginal Minority
- 11. Building Wealth in Indian Country
- 12. Flooding the Food Desert in North Philly
- 13. A Bluebird Takes Flight: A Reinterpretation of Banking at American Express
- 14. How I Lost My FOMO
- Notes
- Index
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