In Winning in Emerging Markets, Tarun Khanna and Krishna Palepu outline a practical framework for developing emerging market strategies based not on broad categorical definitions like geography, but on a structural understanding of these markets. Their framework describes how "institutional voids" -the absence of intermediaries like market research firms and credit card systems to efficiently connect buyers and sellers- create daunting obstacles for companies trying to operate in emerging markets. Understanding these voids -and learning how to work with them in specific markets- is the key to success.