The main objective of this brief note is to delineate the relatively new concept of "emerging markets" and outline its ramifications. In order to enable the subject area to sort itself out, there is a pressing need for a taxonomy of emerging markets, demarcating the peripheries that would help specialization in this important area. This paper also attempts to identify significant contributions already made to this new topic. Further research endeavor would enable the stringing together of such a not very homogeneous set of inputs into a coherent emerging market theme that is also epistemologically sound.