One key to the independent growth of these regions: thriving, domestic economies that drive growth without dependence on export sales to the United States, Felson said. "China and Brazil in particular, have seen the folly of export-dependent growth. They've seen it's no panacea. It contains massive vulnerabilities," he said. "The export-based system is great when the revenue is rolling in, but if anything should happen to your primary, importing country, that's big trouble. We now have big trouble, globally."

Felson's recommendation for a healthier global economy heading into the new decade? More internal business activity in emerging markets, along with an expansion of middle and working classes in these countries, leading to increased consumption of U.S goods -- from cars, to farm equipment, to wind turbines.

"Prior to the global recession, consumption of U.S. goods was good, but in the next economic expansion emerging market governments need to insure that it does even better. They have to eliminate non-tariff and cultural barriers that have hindered sales of U.S. goods," Felson said. "Higher consumption in these nations will help correct one of the biggest imbalances of the past decade, which was the reliance on U.S. consumption for emerging market growth."

The above will not lead to 'decoupled' emerging markets, but to a global economy less-susceptible to an economic downturn in any region -- Americas, Europe, or Asia -- he said.

Economic Analysis: In retrospect, many economists now agree it was foolish for emerging markets to rely so much on U.S. consumption for domestic growth. But, while the gravy train was running, it apparently was hard to pass up. However, that train, operating at an unsafe speed, has now slowed; hence, the sooner emerging markets expand internal commerce, the sooner the global economy will enter a more-balanced GDP growth model.