Emerging Domestic Markets

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.

Commended for George R. Terry Book Award, Academy of Management 2022

“I've long believed that the issues facing underserved communities are not intractable, despite what some say. There are proven approaches that work. In this book, Gregory Fairchild showcases some of those approaches and innovations, marrying his compelling firsthand experience with academic research.”

-- Robert E. Rubin, board chair, Local Initiatives Support Corporation, and former U.S. treasury secretary
Fairchild expertly weaves personal narrative, academic scholarship, and practical insights to provide a truly compelling thesis for enhancing communities and financial systems within our urban centers. This book should be required reading in business schools, board rooms, and governments at all levels. -- Erika H. James, dean, Wharton School, University of Pennsylvania
By sharing his own personal journey and decades of in-depth research, Gregory Fairchild reveals how capital and finance can help us build a more just, inclusive future. His timely account of community development financial institutions beautifully conveys their power to expand opportunity and transform lives, from Indian Country to the South Side of Chicago. -- Debra D. Schwartz, managing director of impact investments, John D. and Catherine T. MacArthur Foundation
Arguably the greatest threat to America’s competitiveness in the global economy is the inequality of opportunity among races and places across the country. Fairchild’s book details the work and stories of innovative people and organizations transforming the American financial system into an agent of economic mobility for more people and communities throughout our land. Continuing and expanding this work is absolutely critical to forming a more perfect union. -- Maurice A. Jones, president and CEO, Local Initiatives Support Corporation, and former U.S. HUD deputy secretary
Fairchild moves the conversation on diversity and inclusion in the U.S. financial system forward, with personal stories from his own work and honest case studies that don’t try to hide or sugarcoat the challenges. -- Marcus Schaefer, former CEO, Truliant Federal Credit Union
Compelling vignettes along with sensitive analysis and commentary repeatedly affirm the impact that courageous leadership and a genuine commitment to economic and social justice can have on invigorating communities by embracing diversity and inclusion. Choice

Gregory Fairchild is the Isidore Horween Research Professor of Business Administration; associate dean for Washington, D.C., area initiatives; and academic director of public policy and entrepreneurship at the University of Virginia’s Darden School of Business.

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