Analysis of the Bric Nations
Analysis of the BRIC Nations
In his 2001 technical paper “Building Better Economic BRICs,” Jim O’Neill, an economist in the Global Economic Department of Goldman Sachs, coined the term BRIC, an acronym for Brazil, Russia, India and China. According to research conducted by O’Neill, the BRIC nations are unique in their accelerated growth compared to other developing nations in the world. The four BRIC nations have the potential to overtake many of the more mature economies of the world within the next 30 years. The acronym BRIC has transformed into more than just a word, if not a brand. In an attempt to capitalize on the success of the BRIC nations, BRIC business strategies, BRIC business courses, BRIC investment funds, and numerous other plans claiming to employ methodology mimicking that of BRIC nations have been developed. This study first discusses the relationship of the BRIC nations as a whole, proceeds to review the events which have taken place since the origination of the term “BRIC”, and concludes with an in-depth analysis of each BRIC nation on an individual basis.
Overview of BRIC
As previously stated, the BRIC nations were first grouped together in late 2001 by Goldman Sachs. After the attacks on September 11, 2001, despite the many non-economic differences between them, the decision was made to group Brazil, Russia, India and China based upon their economic similarities. It was becoming apparent that countries outside of the western world were quickly developing the ability to become a global power. Brazil, Russia, India, and China were already labeled as emerging markets, and each were beginning to grow economically, but the new term evidenced a new respect for the potential that each had. The most prominent attributes shared by the BRIC nations were that each had large populations, underdeveloped economics, and governments willing to enter the global markets (Tett 2010). In sum, the BRIC nations account for over 42% of the
In his 2001 technical paper “Building Better Economic BRICs,” Jim O’Neill, an economist in the Global Economic Department of Goldman Sachs, coined the term BRIC, an acronym for Brazil, Russia, India and China. According to research conducted by O’Neill, the BRIC nations are unique in their accelerated growth compared to other developing nations in the world. The four BRIC nations have the potential to overtake many of the more mature economies of the world within the next 30 years. The acronym BRIC has transformed into more than just a word, if not a brand. In an attempt to capitalize on the success of the BRIC nations, BRIC business strategies, BRIC business courses, BRIC investment funds, and numerous other plans claiming to employ methodology mimicking that of BRIC nations have been developed. This study first discusses the relationship of the BRIC nations as a whole, proceeds to review the events which have taken place since the origination of the term “BRIC”, and concludes with an in-depth analysis of each BRIC nation on an individual basis.
Overview of BRIC
As previously stated, the BRIC nations were first grouped together in late 2001 by Goldman Sachs. After the attacks on September 11, 2001, despite the many non-economic differences between them, the decision was made to group Brazil, Russia, India and China based upon their economic similarities. It was becoming apparent that countries outside of the western world were quickly developing the ability to become a global power. Brazil, Russia, India, and China were already labeled as emerging markets, and each were beginning to grow economically, but the new term evidenced a new respect for the potential that each had. The most prominent attributes shared by the BRIC nations were that each had large populations, underdeveloped economics, and governments willing to enter the global markets (Tett 2010). In sum, the BRIC nations account for over 42% of the
References: Beedie, M. 2007. Rise of the BRIC Nations. Power Technology. Website: http://www.powertechnology.com/features/feature1417/ (Nov 1). Claymore. 2009. Four Unique Countries, a Collective History of Economic Growth and Progress. Claymore. Website: http://claymore.com/common/pages/search-results?st=kw&sv=BRIC (Jan 22). Dreyer, I. 2006. BRIC Countries Revisited. Global Conditions.Website: http://globalconditions.wordpress.com/2006/12/04/bric-countries-revisited/ (Dec 4). Eghbal, M. 2008. BRIC Economies Withstand Global Financial Crisis. Euromonitor International. Website: http://www.euromonitor.com/BRIC_economies_withstand_global_financial_crisis (Nov 7). Elliott,E. 2009. First BRIC Summit’s New Global Economic Vision. Foreign Policy Blog. Foreign Policy Association. Website:.