South Korea is prominently featured in many lists of "emerging markets". (For example, see Table) Is South Korea an emerging market? Or has it already"emerged"? Defend your answer. How would you define an "emerging market"?.
Table Characteristics of Selected Emerging Markets, 2011

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Country Total Population Total GDP (billions of U.S. Per capita GDP (in U.S.Average Annual Growth in GDP millions dollars) dollars) 2003-2011, in percent BRIC Brazil Russia India China Total Big Ten Argentina Brazil China India Indonesia Mexico Poland South Africa South Korea Turkey Total World total 197 142 1,241 2,477 1,858 1,848 7,318 13,501 12,594 13,089 1,488 5,444 3.9 4.8 8.1 10.8 2,914 41 446 2,477 7,318 1,848 847 1,153 514 408 10,942 12,594 5,444 1,488 3,495 10,047 13,462 8,070 7.8 3.9 10.8 8.1 5.6 24 4.5 3.6 197 1,241 242 115 38 51 50 1,116 22,424 3.8 74 3,383 6,966 775 16,902 69,981 10,524 5.3 10,035 2.7