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The Alternative Business History: Business in Emerging Markets

  • Gareth Austin, Carlos Dávila and Geoffrey Jones


This article suggests that the business history of emerging markets should be seen as an alternative business history, rather than merely adding new settings to explore established core debates. The discipline of business history evolved around the corporate strategies and structures of developed economies. The growing literature on the business history of emerging markets addresses contexts that are different from those of developed markets. These regions had long eras of foreign domination, had extensive state intervention, faced institutional inefficiencies, and experienced extended turbulence. This article suggests that this context drove different business responses than are found in the developed world. Entrepreneurs counted more than managerial hierarchies; immigrants and diaspora were critical sources of entrepreneurship; illegal and informal forms of business were common; diversified business groups rather than the M-form became the major form of large-scale business; corporate strategies to deal with turbulence were essential; and radical corporate social-responsibility concepts were pursued by some firms.

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1 For reasons of space, this article does not include discussions of the small island economies in the Caribbean, Indian Ocean, and Pacific, nor Eastern Europe.

2 For example, Austin, Gareth, “African Business History,” in The Routledge Companion to Business History, ed. Wilson, John F., Toms, Steven, de Jong, Abe, and Buchnea, Emily (London, 2017), 141–58; Rory M. Miller, “The History of Business in Latin America,” in Wilson et al., Routledge Companion, 187–201; and Barbero, María Inés and Puig, Nuria, “Business Groups around the World,” special issue, Business History 58, no. 1 (2016).

3 Pérez, Paloma Fernández and Lluch, Andrea, eds., The Evolution of Family Business: Continuity and Change in Latin America and Spain (Northampton, Mass., 2016), 4 . See also Austin, Gareth, “Reciprocal Comparison and African History: Tackling Conceptual Euro-centrism in the Study of Africa's Economic Past,” African Studies Review 50, no. 3 (2007): 128 .

4 Roy, Tirthankar, “Beyond Divergence: Rethinking the Economic History of India,” Economic History of Developing Regions 27, no. 1 (2012): 5765 .

5 Reed, Christopher A., Gutenberg in Shanghai: Chinese Print Capitalism, 1876–1937 (Honolulu, 2004).

6 Cerutti, Mario, “Regional Studies and Business History in Mexico since 1975,” in Business History in Latin America: The Experience of Seven Countries, ed. Dávila, Carlos and Miller, Rory (Liverpool, 1999), 116–27; Dávila, Carlos, Empresas y empresarios en la Historia de Colombia: Siglos XIX y XX (Bogotá, 2003).

7 Topik, Steven and Wells, Allen, Global Markets Transformed (Cambridge, Mass., 2014).

8 Acemoglu, Daron, Johnson, Simon, and Robinson, James A., “The Colonial Origins of Comparative Development: An Empirical Investigation,” American Economic Review 91, no. 5 (2001): 1369–401; Ola Olsson, “Unbundling Ex-colonies: A Comment on Acemoglu, Johnson, and Robinson, 2001” (Working Papers in Economics No. 146, University of Gothenburg, Sweden, Sept. 2004); Austin, Gareth, “The Reversal of Fortune and the Compression of History: Perspectives from African and Comparative Economic History,” Journal of International Development 20, no. 8 (2008): 9961027 .

9 Arrighi, Giovanni, “Labour Supplies in Historical Perspective: A Study of the Proletarianization of the African Peasantry in Rhodesia,” Journal of Development Studies 6, no. 3 (1970): 197234 ; Mosley, Paul, The Settler Economies: Studies in the Economic History of Kenya and Southern Rhodesia 1900–1963 (New York, 1983); Feinstein, Charles H., Conquest, Discrimination and Development: An Economic History of South Africa (New York, 2005).

10 Nwabughuogu, Anthony I., “From Wealthy Entrepreneurs to Petty Traders: The Decline of African Middlemen in Eastern Nigeria, 1900–1950,” Journal of African History 23, no. 3 (1982): 365–79; Olukoju, Ayodeji, “Elder Dempster and the Shipping Trade of Nigeria during the First World War,” Journal of African History 33, no. 2 (1992): 255–71; Cowen, Michael P. and Shenton, Robert W., “Bankers, Peasants, and Land in British West Africa 1905–37,” Journal of Peasant Studies 19, no. 1 (1991): 2658 ; Austin, Gareth and Uche, Chibuike Ugochukwu, “Collusion and Competition in Colonial Economies: Banking in British West Africa, 1916–1960,” Business History Review 81, no. 1 (2007): 126 .

11 Northrup, David, Indentured Labor in the Age of Imperialism, 1834–1922 (New York, 1995).

12 Alpers, Edward A., The Indian Ocean in World History (Oxford, 2013); Oonk, Gijsbert, Settled Strangers: Asian Business Elites in East Africa 1800–2000 (New Delhi, 2013); Khuri, Fuad I., “Kinship, Emigration, and Trade Partnership among the Lebanese of West Africa,” Africa 35, no. 4 (1965): 385–95.

13 Lipson, Charles, Standing Guard: Protecting Foreign Capital in the Nineteenth and Twentieth Centuries (Berkeley, 1985).

14 Faure, David, China and Capitalism: A History of Business Enterprise in Modern China (Hong Kong, 2006).

15 Miller, “History of Business in Latin America.”

16 Balasubramanyan, V. N., The Economy of India (London, 1984).

17 Amsden, Alice H., Asia's Next Giant: South Korea and Late Industrialization (Oxford, 1989).

18 Dani Rodrik and Arvind Subramanian, “From ‘Hindu Growth’ to Productivity Surge: The Mystery of the Indian Growth Transition” (NBER Working Paper No. 10376, Mar. 2004).

19 Cheng Gao, Tiona Zuzul, Geoffrey Jones, and Tarun Khanna, “Overcoming Institutional Voids: A Reputation-Based View of Long-Run Survival,” Strategic Management Journal (advance online publication 22 Mar. 2017), doi:10.1002/smj.2649.

20 This can be seen, despite the qualifications offered, even in Austin, Gareth and Sugihara, Kaoru, eds., Local Suppliers of Credit in the Third World, 1750–1960 (London, 1993).

21 Lipton, Merle, Capitalism and Apartheid: South Africa, 1910–84 (Aldershot, U.K., 1986).

22 Cohen, Abner, “Cultural Strategies in the Organization of Trading Diasporas,” in The Development of Indigenous Trade and Markets in West Africa, ed. Meillassoux, Claude (London, 1971), 266–81; Curtin, Philip D., Cross-Cultural Trade in World History (New York, 1984).

23 Marina B. V. Martin, “An Economic History of Hundi, 1858–1978” (PhD diss., London School of Economics, 2012). There are interesting parallels to be drawn with indigenous Chinese banking systems of the era. See, for example, Wilson, Craig and Yang, Fan, “Shanxi Piaohao and Shanghai Qianzhuang: A Comparison of the Two Main Banking Systems of Nineteenth-Century China,” Business History 58, no. 3 (2016): 433–52.

24 For different views on the theme of this paragraph, see Kuran, Timur, The Long Divergence: How Islamic Law Held Back the Middle East (Princeton, 2011); Austin, Gareth, “Developmental ‘Paths’ and ‘Civilizations’ in Africa and Asia: Reflections on Strategies for Integrating Cultural and Material Explanations of Differential Long-Term Economic Performance,” in Institutions and Comparative Economic Development, ed. Aoki, Masahiko, Kuran, Timur, and Roland, Gérard (Basingstoke, U.K., 2012), 237–53.

25 Kirby, William C., “China Unincorporated: Company Law and Business Enterprises in Twentieth-Century China,” Journal of Asian Studies 54, no. 1 (1995): 4363 .

26 Joel Mokyr, “Entrepreneurship and the Industrial Revolution in Britain”; Mark Casson and Andrew Godley, “Entrepreneurship in Britain, 1830–1900”; and Casson, Mark and Godley, Andrew, “History of Entrepreneurship: Britain, 1900–2000,” all in The Invention of Enterprise: Entrepreneurship from Ancient Mesopotamia to Modern Times, ed. Landes, David S., Mokyr, Joel, and Baumol, William J. (Princeton, 2010), 183–210, 211–42, 243–72.

27 For recent historical research on family business in emerging markets, see Fernández and Lluch, Evolution of Family Business; McWatters, Cheryl Susan, Chen, Qiu, Ding, Shujun, Hou, Wenxuan, and Wu, Zhenyu, “Family Business Development in Mainland China from 1872 to 1949,” Business History 58, no. 3 (2016): 408–32.

28 Cochran, Sherman, Encountering Chinese Networks: Western, Japanese, and Chinese Corporations in China, 1880–1937 (Berkeley, 2003); Cochran, Sherman, “Chinese and Overseas Chinese Business History: Three Challenges to the State of the Field,” in Chinese and Indian Business: Historical Antecedents, ed. Kudaisya, Medha and Chin-keong, Ng (Leiden, 2009), 1129 ; and Cochran, Sherman and Hsieh, Andrew, The Lius of Shanghai (Cambridge, Mass., 2013).

29 Azikiwe, Nnamdi, Renascent Africa (1937; London, 1968), 132–33.

30 Iliffe, John, The Emergence of African Capitalism (London, 1983), 7375 ; Olukoju, Ayodeji, “Accumulation and Conspicuous Consumption: The Poverty of Entrepreneurship in Western Nigeria, ca. 1850–1930,” in Africa's Development in Historical Perspective, ed. Akyeampong, Emmanuel, Bates, Robert H., Nunn, Nathan, and Robinson, James A. (New York, 2014), 208–30.

31 Roberts, Richard L., Two Worlds of Cotton: Colonialism and the Regional Economy in the French Soudan, 1800–1946 (Stanford, 1996), 283 .

32 Hopkins, A. G., “Innovation in a Colonial Context: African Origins of the Nigerian Cocoa-Farming Industry, 1880–1920,” in The Imperial Impact, ed. Dewey, Clive and Hopkins, A. G. (London, 1978), 83–96, 341–42.

33 Agiri, B. A., “The Development of Wage Labour in Agriculture in Southern Yorubaland 1900–1940,” Journal of the Historical Society of Nigeria 12, no. 1–2 (1983–1984): 9596 .

34 Dávila, Carlos, “Entrepreneurship and Cultural Values in Latin America, 1850–2000: From Modernization, National Values and Dependency Theory towards a Business History Perspective,” in The Determinants of Entrepreneurship: Leadership, Culture, Institutions, ed. García-Ruiz, José L. and Toninelli, Pier Angelo (London, 2010), 143–60.

35 Dávila, Carlos, “The Current State of Business History in Latin America,” Australian Economic History Review 53, no. 2 (2013): 109–20; Fernández and Lluch, Evolution of Family Business.

36 Amaral, Samuel, The Rise of Capitalism on the Pampas (New York, 1998); Robles-Ortiz, Claudio, “Agrarian Capitalism and Rural Labour: The Hacienda System in Central Chile, 1870–1920,” Journal of Latin American Studies 41, no. 3 (2009): 493526 .

37 See Dávila and Miller, Business History in Latin America; and Barbero, María Inés and Jacob, Raúl, eds., La nueva historia de empresas en América Latina y España: Una aproximación historiográfica (Buenos Aires, 2008).

38 This framework has been used in research and teaching both to orient ongoing biographical research and as a tool to analyze existing works. See Dávila, Carlos, “La historia oral y las biografías de empresarios,” in Historia del mercadeo en Colombia: Trayectoria empresarial de Napoleón Franco, 1946, ed. Ospina, José Miguel, Molina, Luis Fernando, Pérez, Gabriel, and Dávila, Carlos (Bogotá, 2014), 4796 .

39 Topik, Steven, Frank, Zephyr, and Marichal, Carlos, eds., From Silver to Cocaine: Latin American Commodity Chains and the Building of the World Economy, 1500–2000 (Durham, 2006).

40 María Inés Barbero and Andrea Lluch, “Family Capitalism in Argentina: Changes and Continuities over the Course of a Century,” in Fernández and Lluch, Evolution of Family Business, 123–53.

41 On the role of French immigrants in Mexican textiles, see Gómez-Galvarriato, Aurora, “Networks and Entrepreneurship: The Modernization of the Textile Business in Porfirian Mexico,” Business History Review 82, no. 3 (2008): 475502 .

42 van der Laan, H. L., Lebanese Traders in Sierra Leone (The Hague, 1975); Issac Xerxes Malki, “The Alienated Stranger: A Political and Economic History of the Lebanese in Ghana, c.1925–1992,” (DPhil diss., University of Oxford, 2008).

43 Jones, Geoffrey and Spadafora, Andrew, “Creating Ecotourism in Costa Rica, 1970–2000,” Enterprise & Society 18, no. 1 (2017): 146–83.

44 For bibliographies on immigrant entrepreneurship in Argentina, Brazil, Chile, Colombia, Mexico, Peru, Uruguay, and Venezuela, see Dávila and Miller, Business History in Latin America; and Barbero and Jacob, La nueva historia.

45 Brown, Rajeswary, Capital and Entrepreneurship in South-East Asia (London, 1994).

46 Markovits, Claude, The Global World of Indian Merchants, 1750–1947: Traders of Sind from Bukhara to Panama (New York, 2000).

47 Himbara, David, Kenyan Capitalists, the State, and Development (Boulder, 1994).

48 “The Gujarati Way: Going Global,” Economist, 16 Dec. 2015.

49 Oonk, Settled Strangers.

50 Liu, Hong, “Beyond a Revisionist Turn: Networks, State and the Changing Dynamics of Diasporic Chinese Entrepreneurship,” China: An International Journal 10, no. 3 (2012): 2041 .

51 Brown, Rajeswary, Chinese Big Business and the Wealth of Asian Nations (London, 2000); Yen, Ching-hwang, Ethnic Chinese Business in Asia: History, Culture and Business Enterprise (Singapore, 2014).

52 Dobbin, Christine, Asian Entrepreneurial Minorities: Conjoint Communities in the Making of the World Economy 1570–1940 (Richmond, U.K., 1996).

53 Gottschalk, Petter, Entrepreneurship and Organized Crime: Entrepreneurs in Illegal Business (Northampton, Mass., 2009).

54 U.S. Department of State, Bureau for International Narcotics and Law Enforcement Affairs, 2014 International Narcotics Control Strategy Report, 2 vols. (Washington, D.C., 2014),; John Gibbs, “An Annotated Bibliography: How Narcotics Trafficking Organizations Operate as Businesses” (report prepared by the Federal Research Division, Library of Congress, Sept. 2002).

55 Coatsworth, John H., “Political Economy and Economic Organization,” in The Cambridge Economic History of Latin America, vol. 1, The Colonial Era and the Short Nineteenth Century, ed. Bulmer-Thomas, Victor, Coatsworth, John H., and Cortés-Conde, Roberto (Cambridge, U.K., 2006), 235–74; Rosenmuller, Cristoph, ed., Corruption in the Iberian Empire: Greed, Custom and Colonial Networks (Albuquerque, 2017).

56 See, for instance, Hilson, Gavin, “The Environmental Impact of Small-Scale Gold Mining in Ghana: Identifying Problems and Possible Solutions,” Geographical Journal 168, no. 1 (2002): 5772 ; Delgado-Ramos, Gian Carlo, ed., Ecología política de la minería en América Latina (Mexico City, 2010); and Garay, Jorge, ed., La minería en Colombia: Fundamentos para superar el modelo extractivista, 4 vols. (Bogotá, 2013).

57 Martin, Brian G., The Shanghai Green Gang: Politics and Organized Crime, 1919–1937 (Berkeley, 1996).

58 Wankhade, Gaurav R., “Film Financing in Bollywood: Scripting a New Saga, Screening an Extravaganza,” in Business of Bollywood: The Changing Dimensions, ed. Malshe, Anuradha (Hyderabad, India, 2009),

59 Mike Brunker, “Asian Gangs Are Brothers in Crime,” NBC News, 31 Aug. 2013,

60 Finckenauer, J. O. and Chin, Ko-lin, “Asian Transnational Organized Crime and Its Impact on the United States: Developing a Transnational Crime Research Agenda,” Trends in Organized Crime 10, no. 2 (2006): 18109 .

61 United Nations Office on Drugs and Crime, Transnational Organized Crime in East Asia and the Pacific: A Threat Assessment (Bangkok, Apr. 2013),

62 Prahalad, C. K., The Fortune at the Bottom of the Pyramid: Eradicating Poverty through Profits (Upper Saddle River, N.J., 2005). On the long history of financial services for the poor in Spain, Argentina, and Colombia, see Dávila, José Camilo, Dávila, Carlos, Grisales, Lina, and Schnarch, David, Business Goals and Social Commitment: Shaping Organizational Capabilities – Colombia's Fundación Social, 1984–2011 (Bogotá, 2014), chap. 2.

63 MacGaffey, Janet, Entrepreneurs and Parasites: The Struggle for Indigenous Capitalism in Zaire (New York, 1987).

64 See, for example, Azarya, Victor and Chazan, Naomi, “Disengagement from the State in Africa: Reflections on the Experience of Ghana and Guinea,” Comparative Studies in Society and History 29, no. 1 (1987): 106–31.

65 Jones, Geoffrey, Merchants to Multinationals (Oxford, 2000); Geoffrey Jones, “Business Groups Exist in Developed Markets Also: Britain since 1850” (Harvard Business School Working Paper No. 16-066, Nov. 2015).

66 Colpan, Asli M., Hikino, Takashi, and Lincoln, James R., eds., The Oxford Handbook of Business Groups (Oxford, 2010). This handbook includes studies of business groups in Argentina, Brazil, Chile, and Mexico.

67 Desai, Ashok V., “The Parsis: Entrepreneurial Success,” in The Oxford India Anthology of Business History, ed. Kudaisya, Medha M. (New Delhi, 2011), 122–30; Kamerkar, Mani and Dhanjisha, Soonu, From the Iranian Plateau to the Shores of Gujarat: The Story of Parsi Settlements and Absorption in India (Mumbai, 2002); Hinnells, John R. and Williams, Alan, eds, Parsis in India and the Diaspora (London, 2007).

68 Tripathi, Dwijendra, The Oxford History of Indian Business (Oxford, 2004), 121–22, 159.

69 Amatori, Franco and Colli, Andrea, Business History: Complexities and Comparisons (London, 2011), 248 .

70 Piramal, Gita and Herdeck, Margaret, India's Industrialists, vol. 1 (Boulder, 1985).

71 Timberg, Thomas A., The Marwaris, from Traders to Industrialists (New Delhi, 1978); Hardgrove, Anne, Community and Public Culture: The Marwaris in Calcutta, c. 1897–1997 (New York, 2002).

72 Tirthankar Roy, “The ‘Marwari’ Business History Community Is Now a Part of History,” Economic Times, 5 Sept. 2014.

73 Colpan, Asli M. and Jones, Geoffrey, “Business Groups, Entrepreneurship and the Growth of the Koç Group in Turkey,” Business History 58, no. 1 (2016): 6988 .

74 Buğra, Ayşe and Savaşkan, Osman, New Capitalism in Turkey (Northampton, Mass., 2014), chap. 4.

75 Jones, Geoffrey and Lluch, Andrea, eds., The Impact of Globalization on Argentina and Chile: Business Enterprises and Entrepreneurship (Northampton, Mass., 2015); Fernández and Lluch, Evolution of Family Business; Barbero and Puig, “Business Groups around the World.”

76 Barbero, María Inés, Multinacionales latinoamericanas en perspectiva comparada: Teoría e historia, Serie Cátedra Corona no. 23 (Bogotá, 2014).

77 Barbero, María Inés, “Business Groups in Argentina during the Export-Led Growth Period (1870–1914),” in Entrepreneurship and Growth: An International Historical Perspective, ed. Tortella, Gabriel and Quiroga, Gloria (Houndmills, U.K., 2013), 90 .

78 Barbero and Puig, “Business Groups around the World.”

79 Terence Gomez, “The Perils of Pro-Malay Policies,” Far Eastern Economic Review, 1 Sept. 2005.

80 On the debated parallels between the early-independence periods of Latin America and sub-Saharan Africa, see Bates, Robert H., Coatsworth, John H., and Williamson, Jeffrey G., “Lost Decades: Postindependence Performance in Latin America and Africa,” Journal of Economic History 67, no. 4 (2007): 917–43; and de la Escosura, Leandro Prados, “Lost Decades? Economic Performance in Post-Independence Latin America,” Journal of Latin American Studies 41, no. 2 (2009): 279307 .

81 Bértola, Luis and Ocampo, José Antonio, The Economic Development of Latin America since Independence (Oxford, 2012), 258–68.

82 Austin, “African Business History.”

83 Jones and Spadafora, “Creating Ecotourism.”

84 Geoffrey Jones and Andrea Lluch, “Argentine and Chilean Business in the Second Global Economy,” in Jones and Lluch, Impact of Globalization, 261–62.

85 Austin, Gareth, “National Poverty and the ‘Vampire State’ in Ghana: A Review Article,” Journal of International Development 8, no. 4 (1996): 553–73.

86 This view was originally put forward, albeit cautiously, by Leys, Colin, in “Capital Accumulation, Class Formation and Dependency: The Significance of the Kenyan Case,” Socialist Register 15 (1978): 241–66.

87 Barraclough, Solon L., Land Reform in Developing Countries: The Role of the State and Other Actors (Geneva, 1999); Kay, Cristóbal, “Why East Asia Overtook Latin America: Agrarian Reform, Industrialization and Development,” Third World Quarterly 23, no. 6 (2002): 1072–102.

88 Comisión Nacional de Reparación y Reconciliación, La tierra en disputa (Bogotá, 2010); and Palacios, Marco, ¿De quién es la tierra? (Bogotá, 2011).

89 Tirado, Alvaro, “Demócrata practicante y luchador por la paz,” in Nicanor Restrepo Santamaría, 1941–2015, ed. Bojanini, David, Tirado, Alvaro, Vélez, José Alberto, Pécaut, Daniel, Vélez, Cecilia María, Mejía, Juan Luis, Cano, Ana María, de Hermelin, Marta Elena Bravo, Restrepo, Tomás, and Toro, Constanza (Medellín, 2017), 1029 .

90 Haber, Stephen, ed., Political Institutions and Economic Growth in Latin America: Essays in Policy, History, and Political Economy (Stanford, 2000).

91 Woods, Dwayne, “The Tragedy of the Cocoa Pod: Rent-Seeking, Land and Ethnic Conflict in Ivory Coast,” Journal of Modern African Studies 41, no. 4 (2003): 641–55.

92 Austin, Gareth, “The Political Economy of the Natural Environment in West African History: Asante and Its Savanna Neighbors in the Nineteenth and Twentieth Centuries,” in Land and the Politics of Belonging in West Africa, ed. Kuba, Richard and Lentz, Carola (Leiden, 2006), 187212 .

93 Geoffrey Jones and Marcelo Bucheli. “The Octopus and the Generals: The United Fruit Company in Guatemala,” (Harvard Business School Case 805–146, revised July 2016); Bucheli, Marcelo and Salvaj, Erica, “Reputation and Political Legitimacy: ITT in Chile, 1927–1972,” Business History Review 87, no. 4 (2013): 729–56; Harmer, Tanya, Allende's Chile and the Inter-American Cold War (Chapel Hill, 2011); and Qureshi, Lubna Z., Nixon, Kissinger, and Allende: U.S. Involvement in the 1973 Coup in Chile (Lanham, Md., 2009).

94 Palacios, Marco, Between Legitimacy and Violence: A History of Colombia, 1875–2002 (Durham, 2006), chap. 4; Jon Martinez, “Large Entrepreneurial Families in Chile: Their Characteristics and Contributions to the Country, 1830–2012,” in Fernández and Lluch, Evolution of Family Business, 255–75.

95 Vito Tanzi, “Building Regional Infrastructure in Latin America” (Working Paper SITI-10, INTAL-ITD, Inter-American Development Bank, Washington, D.C., Apr. 2005).

96 Schneider, Ben Ross, Business Politics and the State in Twentieth-Century Latin America (New York, 2004).

97 Feinstein, Conquest, Discrimination and Development.

98 Worden, Nigel, The Making of Modern South Africa (Chichester, U.K., 2012), 131–55; Jones, Geoffrey, Renewing Unilever: Transformation and Tradition (Oxford, 2005), 182–83.

99 Marichal, Carlos, “Archival Note: Banking History and Archives in Latin America,” Business History Review 82, no. 3 (2008): 595–96; Handley, Anne et al. , “Critiquing the Bank: 60 Years of BNDES in the Academy,” Journal of Latin American Studies 48, no. 4 (2016): 823–50.

100 Musacchio, Aldo and Lazzarini, Sergio, Reinventing State Capitalism: Leviathan in Business, Brazil and Beyond (Cambridge, Mass., 2014).

101 Radetski, Marian, “The Role of State-Owned Enterprises in the International Metal Mining Industry,” Resources Policy 15, no. 1 (1989): 4547 ; Joe Leahy and Samantha Pearson, “Brazil's Petrobras: Tarred by Corruption,” Financial Times, 10 Aug. 2014.

102 Dobbin, Asian Entrepreneurial Minorities, 97.

103 Tata Group, “TATA Corporate Social Responsibility – A Century of Trust,” slide show, posted 29 Nov. 2010, https://

104 Tripathi, Oxford History of Indian Business, 260.

105 Nanda, B. R., In Gandhi's Footsteps: The Life and Times of Jamnalal Bajaj (New Delhi, 1990).

106 Geoffrey Jones, “Jamnalal Bajaj, Mahatma Gandhi, and the Struggle for Indian Independence” (Harvard Business School Case 807-028, revised May 2015).

107 Tripathi, Dwijendra and Jumani, Jyoti, The Oxford History of Contemporary Indian Business (New Delhi, 2013), 223 .

108 Ibid, 223–24.

109 Kananjia, B. K., Godrej: A Hundred Years, 1897–1997, vols. and 2 (New Delhi, 1997); Adi Godrej, interview by Tarun Khanna, 2 May 2013, Creating Emerging Markets Project, Baker Library Historical Collections, Harvard Business School,; Godrej & Boyce Mfg. Co. Ltd., Working for a Better Tomorrow, Today: Sustainability Report 2014–2016,

110 Information from Vrunda Pathare, Chief Archivist, Godrej & Boyce, and Vivek Gambhir, Managing Director, Godrej Consumer Products. For Hindustan Lever's creation and growth of the Fair and Lovely skin whitening brand, see Jones, Geoffrey, Beauty Imagined: A History of the Global Beauty Industry (Oxford, 2010), 226–28.

111 Koll, Elisabeth, From Cotton Mill to Business Empire: The Emergence of Regional Enterprises in Modern China (Cambridge, Mass., 2003), 230–47.

112 Brown, Rajeswary, Islam in Modern Thailand: Faith, Philanthropy and Politics (London, 2014).

113 Oonk, Gijsbert, The Karimjee Jivanjeed Family: Merchant Princes of East Africa 1800–2000 (Amsterdam, 2009), chap. 6.

114 See Dávila et al., Business Goals.

115 See Sanborn, Cynthia and Portocarrero, Felipe, eds., Philanthropy and Social Change in Latin America (Cambridge, Mass., 2005).

116 Nuria Puig, “The Origins of Modern Business Foundations in Spanish-Speaking Countries: A Preliminary Study,” in Fernández and Lluch, Evolution of Family Business, 57–74.

117 Austin, James E., Reficco, Ezequiel, Berger, Gabriel, Fischer, Rosa María, Gutierrez, Roberto, Koljatic, Mladen, Lozano, Gerardo, and Ogliastri, Enrique, Social Partnering in Latin America: Lessons Drawn from Collaborations of Businesses and Civil Society Organizations (Cambridge, Mass., 2004).

118 Wikipedia, s.v. “Moshood Abiola,” accessed 7 Apr. 2017, For more on Abiola's business career, including political links developed during his career and his success in winning government contracts, see Forrest, Tom, The Advance of African Capital: The Growth of Nigerian Private Enterprise (Edinburgh, 1994). It should be noted that his benevolent image was challenged before he entered formal politics, most notably in Fela Kuti's widely heard song “International Thief Thief (ITT),” (Kalakuta Records, 1979), which mentions Abiola's name in the course of making a general point.

119 Mo Ibrahim, “Celtel's Founder on Building a Business on the World's Poorest Continent,” Harvard Business Review, Oct. 2012.

120 “Ibrahim Prize for Achievement in African Leadership,” Mo Ibrahim Foundation website, accessed 7 Apr. 2017,; “Ibrahim Index,” Mo Ibrahim Foundation website, accessed 7 Apr. 2017,

The authors would like to thank the four anonymous referees for their extensive and helpful comments. We would also like to thank Raj Brown for her insights on the business history of Southeast Asia. Geoffrey Jones is a coeditor of this journal. He was not involved in any stage of the referee and editorial decision process, which was handled entirely by Walter Friedman.

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