New Book From UVA Darden Professor Greg Fairchild Explores Overlooked US Markets

While the term “emerging market” is often used to describe a foreign nation or region on the cusp of significant economic growth, a new book by University of Virginia Darden School of Business Professor Greg Fairchild takes a close look at the often-overlooked markets in the United States.

In his new book, Emerging Domestic Markets: How Financial Entrepreneurs Reach Underserved Communities in the United States (Columbia University Press, 2021), Fairchild shines a light on entrepreneurs and financial institutions harnessing the promise and power of underserved populations— and considers what it would take to build a truly inclusive, resilient financial services system. The questions, Fairchild notes, drew new focus following the killing of George Floyd, when calls for racial equity and inclusion began to emanate from atypical places, notably the C-suites of some of the country’s best-known financial services firms.

While the newfound attention is welcome, Fairchild explores the degree to which a host of entrepreneurs and organizations have long served and met the financial needs of a diverse constituency — often under the radar of corporate America and the popular consciousness.

“I’ve long been interested in the world of financial services — who they serve, who gets passed by — and why?” says Fairchild, who also serves as Darden’s associate dean for Washington, D.C., area initiatives and UVA’s director of Northern Virginia operations. “As I progressed in my academic career, I maintained and expanded my interest in the field, particularly as I met and learned from those working in the field in unheralded, often novel ways. This book seeks to tell some of those stories, and I hope will help some imagine an alternate future of the financial services system — one where the needs of a larger group of consumers are truly met.”

In addition to his leadership roles, Fairchild teaches throughout the Darden MBA program and has received numerous awards for his teaching and research. In 2017, the graduate business school publication Poets & Quants named him the MBA Professor of the Year for both his mastery of the classroom and his efforts to take elements of the Darden curriculum beyond traditional academia. Fairchild and his wife, Tierney Fairchild (MBA ’94), are the founders of Resilience Education, an organization providing high-quality education to those who might not otherwise afford it, and both have led efforts to bring business education to incarcerated individuals.

In Emerging Domestic Markets, in addition to introducing readers to a host of leaders on the margins of what many consider the traditional financial services industry, Fairchild analyzes the models of these organizations, measures their successes and failures, and provides suggestions for sustainable growth of similar organizations.

Bringing together quantitative research, powerful stories of real-world entrepreneurs, and nuanced insights on public policy, Emerging Domestic Markets offers a prescription for inclusive financial development.

Emerging Domestic Markets is currently available for purchase.