Another BRIC in the Wall?
One piece of conventional wisdom that has escaped the global economic crisis relatively unscathed is the assumption that the “BRIC” countries – Brazil, Russia, India, and China – will increasingly call the economic tune in years to come. But the crisis has exposed one of the four as an impostor.
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NEW YORK – Conventional wisdom rarely survives a good stress test, and few tests have been as stressful as that which the global economy has endured over the past 24 months. A healthy season of reappraisal has dawned, shining a new light on boom-time notions like the value of opaque markets, the untouchable status of the American consumer, or the wisdom of deregulation.