- Capital markets — Financial regulation
This chapter addresses niche markets. Niche markets are typically small, geographically challenged, and independently minded countries which, for various geopolitical reasons, have never reaped the economic benefits of expansion and empire. It is a hard business being a niche market, operating in a competitive and often unforgiving environment, engaging in constant repositioning, and facing inherent limitations on growth. Surprisingly, perhaps, there are lots of niche markets and a very diverse grouping they are, deploying a variety of survival strategies. In all cases, state capitalism, in various guises, supports these markets. In earlier times, reputation, a friendly regulator, and good business practices might have sufficed. Now, there is a new dynamic. As elsewhere, but more so in niche markets, technology is the game changer; small as well as large markets can be at the cutting edge. Technology is also providing the means for the creation of large interconnected networks of markets, which may continue to appear distinct on the surface, but which are deeply intertwined through integration of trading platforms as well as formal and informal alliances.
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