Why is the United States the wealthiest country in the world? How can we understand the emergence of China and India in the last two decades? What explains growth disasters of countries such as Venezuela and Sub-Saharan Africa? Why has Brazil not emerged as a growth miracle despite its enormous potential? This class will develop quantitative analytical frameworks and use case studies to examine the role of institutional factors such as financial markets, labor market regulations, tax policy, and urban policy in understanding the performance of firms in emerging markets vs wealthy countries. We will examine the elements of successful and disastrous growth strategies in selected emerging markets. When relevant, we will examine challenges in emerging markets due to COVID.