In the three decades of the emerging markets – first the Asian tigers, then China and now the Brics – western companies seeking fortunes have experienced big rewards and big disappointments.
The Brics' lure was on show this week in Kraft's decision to seal its takeover of Cadbury, with its high-growth prospects in India and Russia. Hershey, the US chocolate company that flirted with a counter-bid, is left with the mature, low-growth US market.
But the obstacles to companies doing business in China were also evident in Google's move to defy the Chinese government over cyber-attacks and online censorship. G is risking ceding the biggest potential market to Chinese competitors such as Baidu and Alibaba.
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