What the World Needs from the BRICS
It can be cause only for celebration that the world’s largest developing economies are holding regularly meetings and establishing common initiatives. Nonetheless, it is disappointing that Brazil, Russia, India, China, and South Africa have chosen to focus on infrastructure finance as their first major area of collaboration.
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CAMBRIDGE – In 2001, Goldman Sachs’ Jim O’Neill famously coined the term BRIC to characterize the world’s four largest developing economies – Brazil, Russia, India, and China. But, more than a decade later, just about the only thing that these countries have in common is that they are the only economies ranked among the world’s 15 largest (adjusted for purchasing power) that are not members of the OECD.