How relevant are the Brics, the fast-growing developing economies of Brazil, Russia, India and China? As we start 2009, seven years after Goldman Sachs popularised the “Bric” term, and as these countries face their first big external “shock” this decade, this is a crucial question.
Is it now time to edit this group to “Bic”, dropping the R? Are all the Brics, for their own internal reasons, going to find the challenge of a weakened US economy much harder to cope with than they expected? Or are we going to discover that not only can these nations cope better than people in the west think, but that some of their own forms of economic model will be mimicked by developed countries to help them cope with the decline of private sector market systems?
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