This is an upper-level elective for MBA students. The course explores the issues that are special to emerging economies. These economies are the engine of growth opportunities in the world economy. However, these markets are prone to crises (Latin America and Asia in the last decade, and Europe, more recently) which reinforces the importance of measuring risk in these markets. The goal of this course is to develop a better understanding of how to do business in emerging markets. We explore projects from the point of view of the multinational corporation, the multilateral agency, the non-government organization, the host government, as well as the local population. While all of our cases have important finance content, we go well beyond textbook finance-oriented project evaluation.