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Encyclopedia > BRIC
The four BRIC countries: Brazil, Russia, India and China.
The four BRIC countries: Brazil, Russia, India and China.

BRIC or BRICs are terms used in economics to refer to the combination of Brazil, Russia, India, and China. General thinking is that the term was first prominently used in a thesis of the Goldman Sachs investment bank.[1] The main point of this 2003 paper was to argue that the economies of the BRICs are rapidly developing and by 2050 will eclipse most of the current richest countries of the world. The Goldman Sachs thesis is not that these countries are a political alliance, like the European Union, or a formal trading association, but they have the potential to form a powerful economic bloc.[2] This article is about the country. ... Anthem Hymn of the Russian Federation Capital (and largest city) Moscow Official languages Russian official throughout nation; thirty others co-official in various regions Government Semi-presidential federal republic  -  President Vladimir Putin  -  Prime Minister Mikhail Fradkov Formation  -  Declared June 12, 1990   -  Finalized December 25, 1991  Area  -  Total 17,075,400... Motto Satyameva Jayate (Sanskrit)  (Devanagari) Truth Alone Triumphs[1] Anthem Jana Gana Mana Thou art the ruler of the minds of all people[2] Vande Mataram I bow to thee, Mother[4] Capital New Delhi Largest city Mumbai Official Languages: Scheduled Languages: Hindi, English Hindi in the Devanagari script is... For the Chinese civilization, see China. ... The Goldman Sachs Group, Inc. ... Investment banks help companies and governments (or their agencies) raise money by issuing and selling securities in the capital markets (both equity and debt). ... For other uses, see World (disambiguation). ...


Finally, because of the popularity of the Goldman Sachs thesis "BRIC", this term is also extended to "BRIMC"[3][4] (M for Mexico), "BRICK" (K for Korea), "BRICA" (GCC Arab countries – Saudi Arabia, Qatar, Kuwait, Bahrain and the United Arab Emirates)[5] and "BRICET" (including Eastern Europe and Turkey)[6] have become more generic marketing terms to refer to these emerging markets. Location of the five BRIMC countries BRIMC is a relatively new term used to refer to the combination of Brazil, Russia, India, Mexico and China. ... For other places with the same name, see Korea (disambiguation). ... ... Next big thing redirects here. ...

Contents

The BRIC thesis

Goldman Sachs argues that the economic potential of Brazil, Russia, India, and China is such that they may become among the four most dominant economies by the year 2050. The thesis was proposed by Jim O'Neill, global economist at Goldman Sachs. These countries encompass over twenty-five percent of the world's land coverage, forty percent of the world's population and hold a combined GDP (PPP) of 15.435 trillion dollars. On almost every scale, they would be the largest entity on the global stage. Image File history File links Metadata Size of this preview: 800 × 507 pixelsFull resolution‎ (1,500 × 950 pixels, file size: 1. ... Image File history File links Metadata Size of this preview: 800 × 507 pixelsFull resolution‎ (1,500 × 950 pixels, file size: 1. ... This article is about the city. ...


However, it is important to note that it is not the intent of Goldman Sachs to argue that these four countries are a political alliance (such as the European Union) or any formal trading association, like ASEAN. Nevertheless, they have taken steps to increase their political cooperation, mainly as a way of influencing the United States position on major trade accords, or, through the implicit threat of political cooperation, as a way of extracting political concessions from the United States, such as the proposed nuclear cooperation with India. ASEAN[1], pronounced // (AH-SEE-AHN) in English, or the Association of Southeast Asian Nations, is a geo-political and economic organization of 10 countries located in Southeast Asia, which was formed on August 8, 1967 by Indonesia, Malaysia, the Philippines, Singapore, and Thailand[2] as a display of solidarity...


(2003) Dreaming with BRICs: The Path to 2050

The BRIC thesis[7] (defended in the paper Dreaming with BRICs: The Path to 2050) recognizes that Brazil, Russia, India and China[8] have changed their political systems to embrace global capitalism. Goldman Sachs predicts China and India, respectively, to be the dominant global suppliers of manufactured goods and services while Brazil and Russia would become similarly dominant as suppliers of raw materials. Cooperation is thus hypothesized to be a logical next step among the BRICs because Brazil and Russia together form the logical commodity suppliers to India and China. Thus, the BRICs have the potential to form a powerful economic bloc to the exclusion of the modern-day G8 status. Brazil is dominant in soy and iron ore while Russia has enormous supplies of oil and natural gas. Goldman Sachs' thesis thus documents how commodities, work, technology, and companies have diffused outward from the United States across the world. Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (1024 × 768 pixel, file size: 185 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... Image File history File links Metadata Size of this preview: 800 × 600 pixelsFull resolution (1024 × 768 pixel, file size: 185 KB, MIME type: image/jpeg) File historyClick on a date/time to view the file as it appeared at that time. ... For other uses, see Moscow (disambiguation). ... For other uses, see Capitalism (disambiguation). ... In economics Final goods are goods that are ultimately consumed rather than used in the production of another good. ... This article is about a term used in economics. ... Group of Eight redirects here. ... Binomial name Glycine max Soybeans (US) or soya beans (UK) (Glycine max) are a high-protein legume (Family Fabaceae) grown as food for both humans and livestock. ... This heap of iron ore pellets will be used in steel production. ... Petro redirects here. ... For other uses, see Natural gas (disambiguation). ...


Following the end of the Cold War or even before, the governments comprising BRIC all initiated economic or political reforms to allow their countries to enter the world economy. In order to compete, these countries have simultaneously stressed education, foreign investment, domestic consumption, and domestic entrepreneurship. According to the study, India has the potential to grow the fastest among the four BRIC countries over the next 30 to 50 years. A major reason for this is that the decline in working age population will happen later for India and Brazil than for Russia and China. For other uses, see Cold War (disambiguation). ... The world economy can be evaluated in various ways, depending on the model used, and this valuation can then be represented in various ways (for example, in 2006 US dollars). ...


(2004) Follow-up report

The Goldman Sachs global economics team released a follow-up report to its initial BRIC study in 2004.[9]The report states that in BRIC nations, the number of people with an annual income over a threshold of $3,000, will double in number within three years and reach 800 million people within a decade. This predicts a massive rise in the size of the middle class in these nations. In 2025, it is calculated that the number of people in BRIC nations earning over $15,000 may reach over 200 million. This indicates that a huge pickup in demand will not be restricted to basic goods but impact higher-priced goods as well. According to the report, first China and then a decade later India will begin to dominate the world economy. Yet despite the balance of growth, swinging so decisively towards the BRIC economies, the average wealth level of individuals in the more advanced economies will continue to far outstrip the BRIC economy average. Goldman Sachs estimates that by 2025 the income per capita in the G6 will exceed $35,000, whereas only about 24 million people in the BRIC economies will have similar income levels. , Bombay redirects here. ... The Goldman Sachs Group, Inc. ... Growth can mean increase in spatial number or complexity for concrete entities in time or increase in some other dimension for abstract or hard-to-measure entities. ... A developed country is a country that has achieved (currently or historically) a high degree of industrialization, and which enjoys the higher standards of living which wealth and technology make possible. ... Gross Domestic Product (GDP), a calculation method in national accounting (see Measures of national income and output) is defined as the total value of final goods and services produced within a countrys borders in a year, regardless of ownership. ... G6 may refer to: Group of Six – a group of industrialized nations; later known as the G7, then G8 Pontiac G6 – an automobile G6 engine – a Mazda piston engine G6 howitzer - a South African self-propelled howitzer G6 star, a subclass of G-class stars Group 6 of the periodic...


The report also highlights India's great inefficiency in energy use and mentions the dramatic under-representation of these economies in the global capital markets. The report also emphasizes the enormous populations that exist within the BRIC nations, which makes it relatively easy for their aggregate wealth to eclipse the G6, while per-capita income levels remain far below the norm of today's industrialized countries. This phenomenon, too, will affect world markets as multinational corporations will attempt to take advantage of the enormous potential markets in the BRICs by producing, for example, far cheaper automobiles and other manufactured goods affordable to the consumers within the BRICs in lieu of the luxury models that currently bring the most income to automobile manufactures. India and China have already started making their presence felt in the service and manufacturing sector respectively in the global arena. Developed economies of the world have already taken a serious note of the fact. The capital market is the market for securities, where companies and the government can raise long-term funds. ... G6 may refer to: Group of Six – a group of industrialized nations; later known as the G7, then G8 Pontiac G6 – an automobile G6 engine – a Mazda piston engine G6 howitzer - a South African self-propelled howitzer G6 star, a subclass of G-class stars Group 6 of the periodic... ... Car redirects here. ...


(2007) Second Follow-up report

This report compiled by lead authors Tushar Poddar and Eva Yi gives insight into "India’s Rising Growth Potential". It reveals updated projection figures attributed to the rising growth trends in India over the last four years. Goldman Sachs assert that "India’s influence on the world economy will be bigger and quicker than implied in our previously published BRICs research". They noted significant areas of research and development, and expansion that is happening in the country, which will lead to the prosperity of the growing middle-class. Image File history File links Size of this preview: 800 × 600 pixelsFull resolution (3136 × 2352 pixels, file size: 2. ... Image File history File links Size of this preview: 800 × 600 pixelsFull resolution (3136 × 2352 pixels, file size: 2. ...

"India has 10 of the 30 fastest-growing urban areas in the world and, based on current trends, we estimate a massive 700 million people will move to cities by 2050. This will have significant implications for demand for urban infrastructure, real estate, and services."

In the revised 2007 figures, based on increased and sustaining growth, more inflows into foreign direct investment, Goldman Sachs predicts that "from 2007 to 2020, India’s GDP per capita in US$ terms will quadruple", and that the Indian economy will surpass the United States (in US$) by 2043.[10] It states that the four nations as a group will overtake the G7 in 2032. G7 or G-7 or Group of Seven may be: Group of Seven (G7), a group of seven industrialized nations of the world, formed in 1976 when Canada joined the Group of Six (United States of America, France, Germany, Italy, Japan, United Kingdom); now known as G8 (with Russia) Group...


The BRIC numbers

The Economist publishes an annual table of social and economic national statistics in its Pocket World in Figures. Extrapolating the global rankings from their 2008 Edition for the BRIC countries and economies in relation to various categories provides an interesting touchstone in relation to the economic underpinnings of the BRIC thesis. It also illustrates how, despite their divergent economic bases, the economic indicators are remarkably similar in global rankings between the different economies. It also suggests that whilst economic arguments can be made for linking Mexico into the BRIC thesis, the case for including South Africa looks considerably weaker. The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd and edited in London. ...


Global giants

Painting BRIC by numbers
Lists Flag of Brazil Brazil Flag of Russia Russia Flag of India India Flag of the People's Republic of China China
Countries by total area 5th 1st 7th 3rd
Countries by population 5th 9th 2nd 1st
Countries by gross domestic product 10th 11th 12th 4th
Countries by exports 21st 11th 25th 2nd
Countries by imports 26th 17th 16th 2nd
Countries by current account balance 29th 5th 154th 1st
Countries by received FDI 16th 12th 32nd 5th
Countries by foreign exchange reserves 7th 3rd 4th 1st
Countries by external debt 25th 20th 29th 22nd
Countries by public debt 80th 10th 97th 28th
Countries by electricity consumption 10th 3rd 7th 2nd
Countries by number of mobile phones 6th 4th 2nd 1st
Countries by number of internet users 6th 11th 5th 2nd

Image File history File links Flag_of_Brazil. ... Image File history File links Flag_of_Russia. ... Image File history File links Flag_of_India. ... Image File history File links Flag_of_the_Peoples_Republic_of_China. ... Countries by area. ... Map of countries by population for the year 2007 This is a list of countries ordered according to population. ... World map of GDP (Nominal and PPP). ... Map of amount of exports per country This is a list of countries by exports, mostly based on The World Factbook [1] accessed in February 2006. ... Map of countries by imports This is a list of countries by imports, mostly based on The World Factbook [1] accessed in October 2005. ... Blue = countries in surplus; Red = countries in deficit This is a list of countries and territories by current account balance, in millions of U.S. dollars, equivalence based on The World Factbook ([1]). Most data are 2006 estimates. ... Reserves of foreign exchange and gold in 2006 Foreign exchange reserves (also called Forex reserves) in a strict sense are only the foreign currency deposits held by central banks and monetary authorities. ... Map of countries by external debt based on 2005 CIA factbook figures This is a list of countries by gross (i. ... Map of countries by public debt This is a list of countries by public debt as percentage of gross domestic product, based on The World Factbook. ... Countries by electricity consumption This is a list of countries by electricity consumption mostly based on The World Factbook [1] accessed in March 2006. ... This is a list of countries by number of internet users mostly based on The World Factbook [1] accessed in September 2007. ...

BRIC in 2050

Gross Domestic Product [2007] Gross Domestic Product [2050]
Rank Country GDP (millions of USD)
1 Flag of the United States United States 13,843,825
2 Flag of Japan Japan 4,383,762
3 Flag of Germany Germany 3,322,147
4 Flag of the People's Republic of China China 3,250,827
5 Flag of the United Kingdom United Kingdom 2,772,570
6 Flag of France France 2,560,255
7 Flag of Italy Italy 2,104,666
8 Flag of Spain Spain 1,438,959
9 Flag of Canada Canada 1,432,140
10 Flag of Brazil Brazil 1,313,590
11 Flag of Russia Russia 1,289,582
12 Flag of India India 1,098,945
13 Flag of South Korea South Korea 957,053
14 Flag of Australia Australia 908,826
15 Flag of Mexico Mexico 893,365
Rank Country GDP (millions of USD)
1 Flag of the People's Republic of China China 78,000,000
2 Flag of the United States United States 38,500,000
3 Flag of India India 37,600,000
4 Flag of Brazil Brazil 11,300,000
5 Flag of Russia Russia 9,340,000
6 Flag of Mexico Mexico 8,580,000
7 Flag of Indonesia Indonesia 7,010,000
8 Flag of Japan Japan 6,670,000
9 Flag of the United Kingdom United Kingdom 5,130,000
10 Flag of Germany Germany 5,020,000
11 Flag of France France 4,640,000
12 Flag of Nigeria Nigeria 4,590,000
13 Flag of South Korea South Korea 4,080,000
14 Flag of Turkey Turkey 3,940,000
15 Flag of Vietnam Vietnam 3,600,000

Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_Japan. ... Image File history File links Flag_of_Germany. ... Image File history File links Flag_of_the_Peoples_Republic_of_China. ... Image File history File links Flag_of_the_United_Kingdom. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_Italy. ... Image File history File links Flag_of_Spain. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_Brazil. ... Image File history File links Flag_of_Russia. ... Image File history File links Flag_of_India. ... Image File history File links Flag_of_South_Korea. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_Mexico. ... Image File history File links Flag_of_the_Peoples_Republic_of_China. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_India. ... Image File history File links Flag_of_Brazil. ... Image File history File links Flag_of_Russia. ... Image File history File links Flag_of_Mexico. ... Image File history File links Flag_of_Indonesia. ... Image File history File links Flag_of_Japan. ... Image File history File links Flag_of_the_United_Kingdom. ... Image File history File links Flag_of_Germany. ... Image File history File links This is a lossless scalable vector image. ... Image File history File links Flag_of_Nigeria. ... Image File history File links Flag_of_South_Korea. ... Image File history File links Flag_of_Turkey. ... Image File history File links Flag_of_Vietnam. ...

The BRIC term

Various sources (see external links below) refer to a purported "original" BRIC agreement that predates the Goldman Sachs thesis. Some of these sources claim that President Vladimir Putin of Russia was the driving force behind this original cooperative coalition of developing BRIC countries. However, thus far, no text has been made public of any formal agreement to which all four BRIC states are signatories. This does not mean, however, that they have not reached a multitude of bilateral or even trilateral agreements. Evidence of agreements of this type are abundant and are available on the foreign ministry websites of each of the four countries. Trilateral agreements and frameworks made among the BRICs include the Shanghai Cooperation Organization (member states include Russia and China, associate members include India) and the IBSA Trilateral Forum, which unites Brazil, India, and South Africa in annual dialogues. Also important to note is the G-20 coalition of developing states which includes all the BRICs. Vladimir Vladimirovich Putin (Russian: Russian pronunciation: ) (born October 7, 1952, in Leningrad, U.S.S.R., now Saint Petersburg, Russia) is a Russian politician who was the 2nd President of the Russian Federation from 2000 to 2008. ... Membership 6 member states 4 observer states Headquarters Secretariat RATS - Beijing - Tashkent Working languages Chinese, Russian Secretary General Zhang Deguang Formation 14 June 2001 Official website http://www. ... India, Brazil and South Africa The IBSA Dialogue Forum (India, Brazil, South Africa) represents three important poles for galvanizing South-South cooperation and greater understanding between three important continents of the developing world namely, Africa, Asia and Latin America. ... The Group of 20, or G-20, developing countries focused on tearing down industrialized countries barriers to agricultural trade. ...


Marketing

São Paulo Stock Exchange, boom in five years.
São Paulo Stock Exchange, boom in five years.

The BRIC term is also used by companies who refer to the four named countries as key to their emerging markets strategies. In reality, the use of this acronym often obscures a lesser role given to Brazil, and sometimes to Russia too. In reality Russia and Brazil will be dwarfed by both China and India in 2050, and the rest of Asia combined will also be much larger in terms of GDP than either Russia or Brazil. Nevertheless the BRIC acronym has been widely adopted. By comparison the reduced acronym IC (English "ick") would not be attractive, although the term "Chindia" is often used. The BRIC's study specifically focuses on LARGE countries, not necessarily the wealthiest or the most productive and was never intended to be an investment thesis. If investors read the Goldman's research carefully, and agreed with the conclusions, then they would gain exposure to Asian debt and equity markets rather than to Latin America. According to estimates provided by the USDA, the wealthiest regions outside of the G6 in 2015 will be Hong Kong, South Korea and Singapore. Combined with China and India, these five economies are likely to be the world's five most influential economies outside of the G6. Image File history File links Size of this preview: 800 × 425 pixelsFull resolution (1024 × 544 pixel, file size: 461 KB, MIME type: image/jpeg) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Image File history File links Size of this preview: 800 × 425 pixelsFull resolution (1024 × 544 pixel, file size: 461 KB, MIME type: image/jpeg) File history Legend: (cur) = this is the current file, (del) = delete this old version, (rev) = revert to this old version. ... Bovespa - São Paulo Stock Exchange (Portuguese: Bolsa de Valores de São Paulo). ... The term emerging markets is commonly used to describe business and market activity in industrializing or emerging regions of the world. ... Ick may refer to: Ich - single-celled parasite Ichthyophthirius multifilius Institute of Christ the King Sovereign Priest Ick is also a slang English term for something distasteful. ... Chindia is a portmanteau that refers to China and India together in general, and their economies in particular. ... Latin America consists of the countries of South America and some of North America (including Central America and some the islands of the Caribbean) whose inhabitants mostly speak Romance languages, although Native American languages are also spoken. ...


On the other hand, when the "R" in BRIC is extended beyond Russia and is used as a loose term to include all of Eastern Europe as well, then the BRIC story becomes more compelling. At issue are the multiple serious problems which confront Russia (declining population, potentially unstable government, environmental degradation, critical lack of modern infrastructure, etc), and the comparatively much lower growth rate seen in Brazil. However, Brazil's lower growth rate obscures the fact that the country is wealthier than China or India on a per-capita basis, has a more developed and global integrated financial system and has an economy potentially more diverse than the other BRICs due to its raw material and manufacturing potential. In terms of GDP per capita (see Nationmaster website listed below), Brazil ranks 65th, Russia 59th, China 86th and India 118th. By comparison Korea currently ranks 36th, Singapore 25th, and Hong Kong 27th. Gross Domestic Product (GDP), a calculation method in national accounting (see Measures of national income and output) is defined as the total value of final goods and services produced within a countrys borders in a year, regardless of ownership. ...


Brazil's stock market, the Bovespa, has gone from approximately 8,700 in September 2002 to over 70,000 in May 2008. Government policies have favored investment (lowering interest rates), retiring foreign debt and expanding growth, and a reformulation of the tax system is being voted in the congress. The British author and researcher Mark Kobayashi-Hillary is editing a new book titled 'Building a Future with BRICs' for European publisher Springer Verlag that examines the growth of the BRICs region and its effect on global sourcing. Contributors to the book include Nandan Nilekani, and Shiv Nadar, with publication scheduled for October 2007. Bovespa - São Paulo Stock Exchange (Portuguese: Bolsa de Valores de São Paulo). ... 2002 : January - February - March - April - May - June - July - August - September - October - November - December A timeline of events in the news for September, 2002. ... May 2008 is the fifth month of the current leap year. ... The Springer-Verlag (pronounced SHPRING er FAIR lahk) was a worldwide publishing company base in Germany. ... Nandan Nilekani is the President of Infosys Technologies Ltd. ... Please wikify (format) this article or section as suggested in the Guide to layout and the Manual of Style. ... October 2007 is the tenth month of that year. ...


Criticism

A criticism is the understatement of GDP growth in China over the next 45 years; which predicts growth falling far below normal development. This contradicts the rapid economic growth that has already taken place in the country and the experience of countries like South Korea catching up with western GDP per capita, which China has been growing faster than in a similar period of development. There are many uncertainties and assumptions in the BRIC thesis that could mean that any or all of these four countries will not live up to their promise. The preeminence of China and India as major manufacturing countries with unrealised potential has been widely recognised, but some commentators state that China's and Russia's disregard for human rights and democracy could be a problem in the future, as is the possibility of conflict over Taiwan in the case of China. Likewise, the population of Russia is steadily declining, and this may have implications for its future.


Brazil's economic potential has been anticipated for decades, but it had until recently consistently failed to achieve investor expectations. Only in recent years has the country established a framework of political, economic, and social policies that allowed it to resume consistent growth. The result has been solid and paced economic development that rival its early 70's "miracle years", as reflected in its expanding capital markets, lowest unemployment rates in decades, and consistent international trade surpluses - that led to the accumulation of reserves and liquidation of foreign debt (earning the country a coveted investment grade by the S&P in 2008). How long such positive factors will stay in place remains to be seen, specially with upcoming presidential elections and possible political changes.


Finally, India's relations with its neighbors, particularly with Pakistan, have always been frosty. Ten years ago, in 1998, there was a nuclear standoff between Pakistan and India. Border conflicts with Bangladesh and Pakistan, mostly over the longheld dispute over Kashmir, has further aggravated any economic ties. The BRIC countries have enormous populations of extremely impoverished people. This impedes progress by limiting government finances, increasing social unrest, and limiting potential domestic economic demand. Factors such as international conflict, civil unrest, unwise political policy, outbreaks of disease and terrorism are all factors that are difficult to predict and that could have an effect on the destiny of any country. Finally, the economic emergence of the BRICs will have unpredictable consequences for the global environment. Indeed, proponents of a set carrying capacity for the Earth may argue that, given current technology, there is a finite limit to how much the BRICs can develop before exceeding the ability of the global economy to supply. The equilibrium maximum of the population of an organism is known as the ecosystems carrying capacity for that organism. ...


Cement

Other critics suggest that BRIC is nothing more than a neat acronym for the four largest emerging market economies, but in economic and political terms nothing else (apart from the fact that they are all big emerging markets) links the four. Two are manufacturing based economies and big importers (China and India), but two are huge exporters of natural resources (Brazil and Russia). Two have growing populations (Brazil and India), and two have shrinking populations (China and Russia). Two are democracies (Brazil and India), and two are one-party states (China and Russia). The Economist, in its special report on Brazil, expressed the following view: "In some ways Brazil is the steadiest of the BRICs. Unlike China and Russia it is a full-blooded democracy; unlike India it has no serious disputes with its neighbors. It is the only BRIC without a nuclear bomb. A single-party state or one-party system or single-party system is a type of party system and form of government where only a single political party dominates the government and no opposition parties are allowed. ... The Economist is an English-language weekly news and international affairs publication owned by The Economist Newspaper Ltd and edited in London. ...


The Heritage Foundation's "Economic Freedom Index", which measures factors such as protection of property rights and free trade ranks Brazil ("moderately free") above the other BRICs ("mostly unfree").[11] In a not-so-subtle dig critical of the term as nothing more than a shorthand for emerging markets generally, critics have suggested a correlating term, CEMENT (Countries in Emerging Markets Excluded by New Terminology). Whilst they accept there has been spectacular growth of the BRIC economies, these gains have largely been the result of the strength of emerging markets generally, and that strength comes through having BRICs and CEMENT.[12] The Heritage Foundation is one of the most prominent conservative think tanks in the United States. ... The annual surveys Economic Freedom of the World and Index of Economic Freedom are two indices which attempt to measure the degree of economic freedom, using a definition for this similar to laissez-faire capitalism, in the worlds nations. ...


References

  1. ^ Specifically, Jim O'Neill, head of global economic research at Goldman Sachs in his 2003 Dreaming with BRICs and Global Economics Paper 134
  2. ^ Brazil, Russia, India And China (BRIC). Investopedia. Retrieved on 2008-05-11.
  3. ^ Le Figaro, newspaper, interview with expert Jim 0'Neill (French)
  4. ^ United Nations University
  5. ^ Study: Energy-rich Arab countries are next emerging market
  6. ^ Welcome to Huaye Iron&Steel Group
  7. ^ Goldman Sachs | Ideas
  8. ^ Five Years of China’s WTO Membership. EU and US Perspectives on China’s Compliance with Transparency Commitments and the Transitional Review Mechanism, Legal Issues of Economic Integration, Kluwer Law International, Volume 33, Number 3, pp. 263-304, 2006. by Paolo Farah
  9. ^ http://www2.goldmansachs.com/hkchina/insight/research/pdf/BRICs_3_12-1-05.pdf
  10. ^ Microsoft Word - Draft of Global Econ Paper No 152.doc
  11. ^ Land of promise | Economist.com
  12. ^ FT.com / FTfm - Emerging Markets: Brics sceptics have their backs to the wall

The Goldman Sachs Group, Inc. ... 2008 (MMVIII) is the current year, a leap year that started on Tuesday of the Anno Domini (or common era), in accordance with the Gregorian calendar. ... is the 131st day of the year (132nd in leap years) in the Gregorian calendar. ...

See also

External links

Internal links

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Geopolitics is the study that analyzes geography, history and social science with reference to spatial politics and patterns at various scales (ranging from home, city, region, state to international and cosmopolitics). ... The African Century is a term that has a variety of meanings. ... ... Asia is the largest continent on Earth with 60% of the human population. ... For a comprehensive list of the territories that formed the British Empire, see Evolution of the British Empire. ... The Chinese Century (Simplified Chinese 中国世纪) refers to the growing power of the Peoples Republic of China (PRC) in the 21st century. ... The European Century is a term, which was first used by Mark Leonard in his book Perpetual Power: Why Europe Will Run the 21st Century and is used to describe the belief that the 21st century will become a century in which the current European way of doing things will... This article or section does not cite its references or sources. ... For the telecommunications and multimedia company, see Pacific Century Cyberworks. ... This article deals with the world most powerful nations and empires before the Congress of Vienna. ... Polarity in international relations is a description of the distribution of power within the international system. ... USS , and HMS Illustrious, two aircraft carriers on a joint patrol. ... The Power transition theory is a theory about the cyclic nature of war, in relation to the power in international relations. ... The Second Superpower is a term used to conceptualize a global civil society (including the anti-globalization movement or global justice movement) as a counterpoint to the United States of America. ... Superpower collapse, that is, the political collapse of a superpower nation-state, is a term used to describe the actual political collapse of the Soviet Union, and by extension, the theoretical collapse of the other recognized superpower, the United States. ... Superpower Disengagement refers to the German reunification plan proposed by Stalin in 1952. ... Group of Eight redirects here. ... The G8+5 group of leaders consists of the heads of government from the G8 nations (Canada, France, Germany, Italy, Japan, Russia, the United Kingdom and the United States), plus the leaders of the leading emerging economies (Brazil, China, India, Mexico and South Africa). ... Location of the five BRIMC countries BRIMC is a relatively new term used to refer to the combination of Brazil, Russia, India, Mexico and China. ... N-11 nations in red The Next Eleven (or N-11) is a list of eleven countries named by Goldman Sachs investment bank on December 12, 2005 as having a high potential of becoming the worlds largest economies along with the BRICs, with promising outlooks for investment and future...  Member states  Observer states  Taiwan (Disputed) Secretariat RATS Beijing, China (PRC) Tashkent, Uzbekistan Working languages Russian, Chinese Membership 6 member states 4 observer states Leaders  -  Secretary General Bolat Nurgaliyev Establishment 15 June 2001 Website http://www. ... This article is about the military alliance. ... The Australia, New Zealand, United States Security Treaty (ANZUS or ANZUS Treaty) is the military alliance which binds Australia and New Zealand and, separately, Australia and the United States to cooperate on defence matters in the Pacific Ocean area, though today the treaty is understood to relate to attacks in...

  Results from FactBites:
 
Brazil, Russia, India And China (BRIC) (228 words)
The general consensus is that the term was first prominently used in a Goldman Sachs report from 2003, which speculated that by 2050 these four economies would be wealthier than most of the current major economic powers.
The BRIC thesis posits that China and India will become the world's dominant suppliers of manufactured goods and services, respectively, while Brazil and Russia will become similarly dominant as suppliers of raw materials.
BRIC is now also used as a more generic marketing term to refer to these four emerging economies.
Britain.tv Wikipedia - BRIC (1777 words)
BRIC is a term used to refer to the combination of Brazil, Russia, India, and China.
The BRIC thesis (defended in the paper Dreaming with BRICs: The Path to 2050) recognises that Brazil, Russia, India and China have changed their political systems to embrace global capitalism.
The BRIC term is also used by companies who refer to the four named countries as key to their emerging markets strategies.
  More results at FactBites »

 
 

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