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This book is the only text devoted to the legal problems raised by foreign investment and business transactions in emerging markets. Its organization tracks the normal progress of a business relationship. The first chapter provides broad general background, while the second focuses on a foreign business's preliminary assessment of legal risks particularly relevant to emerging markets, namely corruption and human rights abuses. It then takes the student through the establishment of a local presence, obtaining finance, the kinds of government licenses and other special legal regimes associated with extractive industries, and dispute resolution. A series of team-based negotiation exercises accompany each chapter. The new edition both updates legal materials related to corruption, human rights and dispute resolution and substantially revises the finance and government licensing chapter to reflect a shift away from Russia and toward other emerging markets.