The whole Barron’s article (“The Pros and Cons of Emerging Markets“) is great. But on top of Richard Bernstein’s brilliance in forecasting dangerous times for EMs (China, Brazil, et al), he closes his argument with a very smart point: 
“A second worrisome development, in Bernstein’s view, is that corporations in developing countries are weak relative to economies. Emerging-market companies have been leading the world this year in earnings that fall short of analysts’ expectations, with the exception of those in tsunami-ravaged Japan. “People forget that the Chinese system is not meant to maximize corporate profit,” he says. “It is meant to maximize employment.”
By the way, this reminds me of the fact that the brazilian government fired Vale’s CEO this year because of his “profit maximization” style which went against their political interests (a government controlled market ideology).

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