Emerging markets, also known as emerging countries or emerging economies, are developing nations that have become more engaged with global markets as they grow. These countries typically feature a unified currency, stock market, and backing system, in the process of industrializing. Emerging markets are transitioning from low income, less developed, often pre-industrial economies toward modern, industrial economies with higher standards of living. While emerging markets often have a higher rate of growth compared to developed countries, they are often plagued by higher sociopolitical instability and volatility. These economies are characterized by lower-than-average per capita income, brisk economic growth, high volatility, currency swings, and potential for growth. Brazil, Russia, India, China, and South Africa are the biggest emerging markets in the world.