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This article looks at Emerging Markets and Low Income Sector characteristics with the scope of understanding the generalizability of the market-based approaches developed in High Income Countries. The literature review highlights that existing studies have not presented clear classifications of characterics and that current listings are partial. The article adopts and adapts the market environment theory classification and summarizes the published and documented characteristics of EM and LIS.doi:10.15388/omee.2012.3.2.14265 fatcat:hoibtek3cbdtlkay2jba6tvkxa