Unofficial emerging market investment cycles

Phase one, growth. Lots of influx capital. Many manufacturing facilities are relocated to the region. Labors are cheap and infrastructures are laid down. Government controls are relexed as foreign investors tell them so.

Phase two, prosper. Living standards improve. A middle class with cars, homes, and club memberships is established and flourish. Property prices hike. More money comes in and loans are even cheaper.

Phase three, high costs cause uncompetitive. Things aren't cheap enough and are started overpriced. Government are more keen to have tallest building in the world, longest bridges, fastest trains, etc. No one contents that the nation is a developing nation. Greed awaits larger fool to come.

At last, everything collapses and deem another cycle.