The financial crises of 2007-2008 as exemplified in the collapse of Lehman Brothers has undermined confidence in the western-dominated paradigm of economic governance. This has exacerbated the vacuum of authority observed in the post-national constellation in which emerging markets have claimed a greater say in defining global economic governance – witness the shift from G8 to the G20 group. Even before the crisis, ongoing globalisation was altering the traditional balance of power between “developed” and “emerging” countries. Access to capital, knowledge and talent has appeared to level the global playing fields (Friedman, 2005) on which multinational firms must compete for resources and market share. As a result, businesses from these emerging markets particularly presented by so-called “new” MNCs are vigorously challenging the hegemony of their older rivals. The growing influence of emerging markets and their leading companies has not come without its consequences. Increases in economic and geopolitical