Western Financial Services -vs- Emerging Markets

During the past 30 years, large American investment banks aggressively pursued a policy of consolidation and takeovers. European and Japanese banks followed. The purpose is to achieve the desired critical mass of an all-inclusive multi-product, one-stop, financial services 'supermarket'. The Emerging Markets Banks and financial institutions did not experience the qualitative development and expansion achieved by their Western counterparts. Notwithstanding all the talk about the global economy and the global village, the fact remains that from the perspective of the superior Western investment banks and financial institutions, the Emerging Markets have been relegated to being cherry-picked for highly profitable deals and speculative business practices. The governments and financial service industry in the Emerging Markets have always resented these opportunistic intrusions into their markets and accuse Western banks and financial institutions of investment and lending practices that are damaging to their national economies.